我国机构投资者参与公司治理情况的实证研究

发布时间：2018-11-03 06:53

【摘要】：随着近十年来不断地发展壮大，现在我国机构投资者对证券市场的影响很大，可以说是具有举足轻重的地位。发生改变的不仅仅是机构投资者的资产管理规模，我国证券市场经过十多年的发展，同样逐渐变得完善起来。在内部条件和外部条件都有利于机构投资者参与上市公司治理活动的情况下，机构投资者在综合考虑其参与公司治理的收益和成本之后很有可能会选择成为积极股东。那么，我国机构投资者对上市公司治理的影响究竟如何，，是否通过参与公司治理，提高了上市公司的绩效？本文从我国作为潜在积极股东的机构投资者角度出发，通过理论分析和实证检验来研究机构投资者对上市公司治理情况的影响，为我国进一步发展机构投资者的实践提供参考，希望能对于改善和规范目前我国机构投资者发展现状有所帮助。本文从对机构投资者与公司治理的相关文献和理论进行综述开始，分析了机构投资者参与公司治理的动因和途径，然后以沪深两市A股上市公司的数据为基础，运用多元回归的方法对我国机构投资者持股与上市公司治理和绩效的关系进行了实证检验，通过分析得出我国机构投资者参与上市公司治理能够提高上市公司绩效这一结论，但我国机构投资者仍处于初步发展时期，对于公司治理的参与程度以及能够发挥的作用都比较有限，建议全面协调发展机构投资者，鼓励机构投资者采取联合行动，并放松对于机构投资者持股比例的限制。
[Abstract]:With the continuous development of the past ten years, the institutional investors in China have a great influence on the securities market, which can be said to have a pivotal position. It is not only the asset management scale of institutional investors that has changed, but also the improvement of China's securities market after more than a decade of development. When both internal and external conditions are favorable for institutional investors to participate in corporate governance activities, institutional investors may choose to become active shareholders after considering the benefits and costs of their participation in corporate governance. So, what is the impact of institutional investors on the governance of listed companies, and whether it improves the performance of listed companies by participating in corporate governance? From the perspective of institutional investors as potential active shareholders in China, this paper studies the influence of institutional investors on the governance of listed companies through theoretical analysis and empirical testing, and provides a reference for the further development of institutional investors in China. Hope to improve and standardize the current situation of institutional investors in China. This paper begins with a review of the literature and theories related to institutional investors and corporate governance, analyzes the causes and approaches for institutional investors to participate in corporate governance, and then takes the data of A-share listed companies in Shanghai and Shenzhen stock markets as the basis. By using the method of multiple regression, this paper makes an empirical test on the relationship between institutional investors' shareholding and corporate governance and performance of listed companies, and draws the conclusion that the participation of institutional investors in corporate governance can improve the performance of listed companies. However, China's institutional investors are still in the initial stage of development, and their participation in corporate governance and the role they can play are relatively limited. It is suggested that institutional investors be fully coordinated and developed to encourage institutional investors to take joint action. And to relax to the institutional investor shareholding proportion limit.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

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