异质机构投资者对上市公司财务绩效影响研究
发布时间：2019-01-30 19:09
【摘要】：机构投资者并不同于“用脚投票”的个人投资者,能够对公司的经营管理进行监督,有效地防止董事会和经理层侵占中小股东的利益,能够更好地实现公司价值和长期发展。但是在以往的分析研究中往往将机构投资者作为一个整体进行分析,忽视了机构投资者异质性的存在,这对于机构投资者的研究是不全面、不准确的。在对于机构投资者的异质性所产生的异质机构投资者的研究中,一般以机构投资者与被投资公司之间是否存在直接或间接的业务往来为视角,将异质机构投资者划分为“压力敏感型”机构投资者和“压力抑制型”机构投资者,分别分析这两类异质机构投资者在公司治理中发挥的不同作用,进而对财务绩效所产生的不同影响。本文首先介绍了研究背景和研究意义,梳理了国内外文献和相关理论基础。第二章介绍异质机构投资者含义、分类和特点,同时阐述财务绩效的含义、评价体系和影响因素。第三章将异质机构投资者对财务绩效的影响进行了理论分析,分别从理论层面将异质机构投资者对财务绩效产生的不同作用进行探讨,并考虑区位因素对异质机构投资者影响财务绩效的作用效果,分别讨论不同地区的异质机构投资者对财务绩效的影响。第四章,选取2011-2015年全部A股上市公司的财务数据为样本,以异质机构投资者持股比例之和为自变量,财务绩效指标为因变量,设计模型并进行描述性统计,通过回归模型对异质机构投资者持股比例之和与财务绩效指标进行实证分析,研究异质机构投资者与上市公司财务绩效之间的关系,最后文章对实证结果提出意见与不足并得出结论。通过本文研究,更加全面的从理论上和实践上对异质机构投资者进行分析,为异质机构投资者更好的提高公司财务绩效做出贡献。
[Abstract]:Unlike individual investors who vote with their feet, institutional investors can supervise the management of the company, effectively prevent the board of directors and managers from encroaching on the interests of the minority shareholders, and can better realize the value and long-term development of the company. However, institutional investors as a whole are often analyzed in the past, which ignores the heterogeneity of institutional investors, which is not comprehensive and accurate for institutional investors. In the research of the heterogeneity of institutional investors, whether there are direct or indirect business transactions between institutional investors and invested companies is generally taken as the perspective. The heterogeneous institutional investors are divided into "pressure-sensitive" institutional investors and "pressure-restrained" institutional investors, and the different roles of these two types of heterogeneous institutional investors in corporate governance are analyzed, respectively. And then on the financial performance of the different impact. This paper first introduces the research background and significance, combing the domestic and foreign literature and related theoretical basis. The second chapter introduces the meaning, classification and characteristics of heterogeneous institutional investors, as well as the meaning of financial performance, evaluation system and influencing factors. In the third chapter, the influence of heterogeneous institutional investors on financial performance is analyzed theoretically, and the different effects of heterogeneous institutional investors on financial performance are discussed respectively from the theoretical level. Considering the effect of location factors on financial performance of heterogeneous institutional investors, the effects of heterogeneous institutional investors in different regions on financial performance are discussed respectively. In chapter 4, the financial data of all A-share listed companies from 2011-2015 are selected as samples, taking the sum of shareholding ratio of heterogeneous institutional investors as independent variable and financial performance index as dependent variable, the model and descriptive statistics are designed and analyzed. Based on the regression model, the relationship between the financial performance of the heterogeneous institutional investors and the financial performance of listed companies is studied by empirical analysis of the sum of the shareholding ratio of the heterogeneous institutional investors and the financial performance indicators. Finally, the paper puts forward the opinion and deficiency of the empirical results and draws a conclusion. Through the research of this paper, the thesis makes a more comprehensive analysis of the heterogeneous institutional investors in theory and practice, so as to contribute to the better improvement of corporate financial performance of heterogeneous institutional investors.
【学位授予单位】：沈阳理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51
[Abstract]:Unlike individual investors who vote with their feet, institutional investors can supervise the management of the company, effectively prevent the board of directors and managers from encroaching on the interests of the minority shareholders, and can better realize the value and long-term development of the company. However, institutional investors as a whole are often analyzed in the past, which ignores the heterogeneity of institutional investors, which is not comprehensive and accurate for institutional investors. In the research of the heterogeneity of institutional investors, whether there are direct or indirect business transactions between institutional investors and invested companies is generally taken as the perspective. The heterogeneous institutional investors are divided into "pressure-sensitive" institutional investors and "pressure-restrained" institutional investors, and the different roles of these two types of heterogeneous institutional investors in corporate governance are analyzed, respectively. And then on the financial performance of the different impact. This paper first introduces the research background and significance, combing the domestic and foreign literature and related theoretical basis. The second chapter introduces the meaning, classification and characteristics of heterogeneous institutional investors, as well as the meaning of financial performance, evaluation system and influencing factors. In the third chapter, the influence of heterogeneous institutional investors on financial performance is analyzed theoretically, and the different effects of heterogeneous institutional investors on financial performance are discussed respectively from the theoretical level. Considering the effect of location factors on financial performance of heterogeneous institutional investors, the effects of heterogeneous institutional investors in different regions on financial performance are discussed respectively. In chapter 4, the financial data of all A-share listed companies from 2011-2015 are selected as samples, taking the sum of shareholding ratio of heterogeneous institutional investors as independent variable and financial performance index as dependent variable, the model and descriptive statistics are designed and analyzed. Based on the regression model, the relationship between the financial performance of the heterogeneous institutional investors and the financial performance of listed companies is studied by empirical analysis of the sum of the shareholding ratio of the heterogeneous institutional investors and the financial performance indicators. Finally, the paper puts forward the opinion and deficiency of the empirical results and draws a conclusion. Through the research of this paper, the thesis makes a more comprehensive analysis of the heterogeneous institutional investors in theory and practice, so as to contribute to the better improvement of corporate financial performance of heterogeneous institutional investors.
【学位授予单位】：沈阳理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51
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