机构投资者持股与上市公司业绩相关性研究——基于中国上市公司的经验数据

Study on Relationship between Shares-propotion of Institutional Investors and Corporation Performance of Listed Companies——Based on Empirical Data of Chinese Listed Companies

本文用实证研究方法基于中国上市公司2001年到2005年间的经验数据,分析了机构投资者持股与上市公司业绩的关系,发现机构投资者既是"价值发现者"也是"价值创造者",机构投资者对提升公司业绩、改善公司治理等有积极意义,在实证研究的基础上我们针对我国上市公司股权结构和公司治理现状提出了我们的建议。

Using the empirical research method, based on the empirical data of Chinese listed companies during the period of 2001-2005, this paper studies the relationship between shares-propotion of institutional investors and corporation performance of listed companies. It finds that the institutional investors in China are both ＂value-discoverer＂ and ＂value-creator＂. The institu- tional investors are positively significant to improve corporation performance and corporation governance. On the basis of empiri- cal research, it puts forward the suggestion on equity structure and corporation governance of Chinese listed companies.