不同类型战略投资者对上市公司绩效影响的实证研究

发布时间：2018-04-22 19:44

本文选题：战略投资者 + 上市公司　；参考：《投资研究》2014年02期

【摘要】：本文将战略投资者分为竞争型、互补型以及无关型,利用2007-2011年间中国A股制造业引入战略投资者的140家公司的非平衡面板数据,检验了三种类型战略投资者对上市公司绩效的不同影响。结果表明,竞争型、无关型战略投资者持股比例与上市公司绩效呈倒U型相关,互补型战略投资者持股比例与上市公司绩效显著正相关,竞争型、无关型战略投资者进入董事会比例与上市公司绩效负相关,而互补型战略投资者进入董事会比例与上市公司绩效正相关。
[Abstract]:In this paper, strategic investors are divided into competitive, complementary and unrelated types, and the unbalanced panel data of 140 companies that introduce strategic investors into the A-share manufacturing industry in China from 2007 to 2011 are used. The effects of three types of strategic investors on the performance of listed companies are tested. The results show that the proportion of shares held by competitive and unrelated strategic investors is inversely U related to the performance of listed companies, and the proportion of complementary strategic investors is positively correlated with the performance of listed companies, while the proportion of shares held by complementary strategic investors is positively correlated with the performance of listed companies. The proportion of irrelevant strategic investors entering the board of directors is negatively correlated with the performance of listed companies, while the proportion of complementary strategic investors entering the board of directors is positively related to the performance of listed companies.
【作者单位】：南京师范大学商学院;
【分类号】：F830.59;F224

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