机构投资者持股与多元化战略关系研究——基于上市公司数据的分析

发布时间：2019-02-18 07:48

【摘要】：文章研究机构投资者持股对公司多元化战略的影响。采用普通最小二乘法(OLS),对2006年~2011年1 935家沪深两地A股上市公司总共8 441个观测样本进行回归分析,实证结果显示:(1)机构投资者持股对公司多元化战略指数具有显著的正向影响,持股比例越高,越有动机和能力帮助公司减少多元化战略;资本结构、公司规模与多元化战略指数显著负相关;股权集中度与多元化战略指数显著正相关;(2)中国市场中,不同类型机构投资者对多元化战略指数的影响不同:投资实力强、倾向于采用集中投资策略的基金与多元化战略指数相关程度较高,呈显著正相关;券商、券商理财产品、QFII、社保基金、企业年金、财务公司、信托公司和保险公司持股与多元化程度相关度不显著。综合研究结果,文章认为,机构投资者对约束公司多元化战略具有积极影响,异质性机构投资者约束公司多元化战略的效果不同。
[Abstract]:This paper studies the influence of institutional investors' shareholding on corporate diversification strategy. The regression analysis of a total of 8 441 observed samples of 1 935 A-share listed companies in Shanghai and Shenzhen from 2006 to 2011 was carried out by using the ordinary least square method (OLS),). The empirical results show that: (1) Institutional investor ownership has a significant positive impact on the diversification strategy index, the higher the shareholding ratio, the more motivation and ability to help the company reduce diversification strategy; Capital structure, company size and diversification strategy index are significantly negative correlation, equity concentration and diversification strategy index are significantly positive correlation; (2) in Chinese market, the influence of different types of institutional investors on diversification strategic index is different: the investment strength is strong, the fund that tends to adopt the centralized investment strategy has a high correlation with the diversification strategy index, and there is a significant positive correlation between the fund and the diversification strategy index; Securities firms, securities wealth management products, QFII, social security funds, corporate annuity, financial companies, trust companies and insurance companies have no significant correlation with the degree of diversification. Synthesizing the research results, this paper holds that institutional investors have a positive influence on restricting the diversification strategy of the company, and heterogeneity institutional investors have different effects on restricting the diversification strategy of the company.
【作者单位】：复旦大学管理学院;
【基金】：2014年~2017年国家自然科学基金项目“中国企业国际网络、垂直一体化战略和绩效研究:基于制度和新兴市场目的国的视角”(项目号:71372115)
【分类号】：F276.6;F272

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