机构投资者持股对我国上市公司绩效影响研究

发布时间：2018-01-19 05:36

本文关键词： 机构投资者公司绩效公司治理股东积极主义　出处：《东北农业大学》2013年硕士论文　论文类型：学位论文

【摘要】：欧美学者对资本市场中的机构投资者研究兴起于20世纪90年代。我国对机构投资者在资本市场中的作用肯定的同时，在2001年就提出了“超常规速度发展机构投资者”的战略。在过去的十多年里，我国资本市场中的机构投资者不管在规模上还是实力上都得到壮大发展，且早已在资本市场中取缔了中小投资者而成为主体。伴随机构投资者持有上市公司股份的比例越来越大，其在上市公司中的影响越来越深。但对于机构投资者能否真正对目标上市公司发挥作用，能否通过参与公司治理，从而影响上市公司绩效及自身的投资收益；以及这种影响是积极的还是消极的，是近年来国内外学者争论不休的话题。本文通过以规范和实证研究相结合的方法深入系统地研究机构投资者持股对我国上市公司绩效产生何种影响，从而得出自己的研究结论。作者首先对本文的研究背景进行阐述及国内外关于机构投资者持股影响上市公司绩效的文献进行了梳理，在此基础上提出了本文研究的思路和方法。接着介绍了本文研究的相关概念和理论基础，概述了机构投资者的定义、特点和主要类型；公司绩效的概念、影响因素及评价方法和指标体系；阐述了本文研究所用到的三大理论：有效市场理论、委托代理理论及股东积极主义理论。然后，描述了我国机构投资者发展历程和其持股投资现状，在理论上定性分析了机构投资者持股对我国上市公司治理机制和公司绩效产生何种影响。接着，本文以2008年之前在沪深两市A股上市的具有2009-2011年三年的年报财务数据和相应公司2008-2010年三年机构投资者持股水平的数据的公司为样本，以前十大股东中机构投资者持股比例之和、机构投资者持股制衡度来反映机构投资者持股水平，以Tobin Q值和每股收益指标来反映公司绩效，运用多元回归实证模型分析研究机构投资者持股对我国上市公司绩效产生哪一方面的影响。研究的结果显示，滞后一期的机构投资者持股比例及机构投资者持股制衡度与公司绩效指标至少在10%的置信水平上有着显著正相关关系，证明了机构投资者持股对我国上市公司绩效影响是积极方面的。说明机构投资者通过持有上市公司股份，积极参与公司治理，确实可以提高上市公司绩效，为自身带来长期、持续的收益。然后根据全文理论和实证分析，，本文从有关法律法规制定部门、上市公司管理层及机构投资者自身的角度提出了相关政策建议，最后得出了全文的研究结论。
[Abstract]:The study of institutional investors in capital markets by European and American scholars began in 1990s. In our country, the role of institutional investors in capital markets is affirmed at the same time. In 2001, we put forward the strategy of "developing institutional investors with abnormal speed". In the past ten years or so, the institutional investors in the capital market of our country have been strengthened and developed in both scale and strength. And has already banned the small and medium-sized investors and become the main body in the capital market, with institutional investors holding shares of listed companies more and more proportion. But whether the institutional investors can really play a role in the target listed companies, whether they can participate in corporate governance, thus affecting the performance of listed companies and their own investment returns; And whether the effect is positive or negative. In recent years, scholars at home and abroad have been debating the topic. Through the combination of normative and empirical research, this paper makes a deep and systematic study on the impact of institutional investor ownership on the performance of listed companies in China. In order to draw their own research conclusions. Firstly, the author expatiates the research background of this paper and the literature about institutional investor stock holding affecting the performance of listed companies at home and abroad. On this basis, this paper puts forward the ideas and methods of this study. Then, it introduces the related concepts and theoretical basis of this study, and summarizes the definition, characteristics and main types of institutional investors. The concept of corporate performance, influencing factors, evaluation methods and indicators system; This paper expounds the three theories used in this study: efficient market theory, principal-agent theory and shareholder activism theory. Then, it describes the development of institutional investors in China and the current situation of their shareholding investment. In theory, the qualitative analysis of institutional investor ownership on the governance mechanism and corporate performance of listed companies in China what kind of impact. Based on the annual financial data of three years from 2009 to 2011 and the corresponding data of institutional investors' shareholding in the three years from 2008 to 2010 in Shanghai and Shenzhen stock markets listed in the Shanghai and Shenzhen stock markets before 2008. Our company is a sample. The balance degree of institutional investors' shareholding reflects the level of institutional investors' holding, and reflects the company's performance by Tobin Q value and earnings per share index. Using multiple regression empirical model to analyze the impact of institutional investors' shareholding on the performance of listed companies in China. The results of the study show that. There is a significant positive correlation between the proportion of institutional investors' shareholding and the degree of checks and balances of institutional investors' shareholding and corporate performance indicators at least 10% confidence level. It proves that institutional investors' shareholding has a positive impact on the performance of listed companies in China. It shows that institutional investors can improve the performance of listed companies by holding shares of listed companies and actively participating in corporate governance. According to the theory and empirical analysis, this paper puts forward the relevant policy recommendations from the perspective of the relevant laws and regulations development department, listed company management and institutional investors themselves. Finally, the conclusion of the paper is drawn.
【学位授予单位】：东北农业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F276.6;F832.51

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