价值选择VS.价值创造——来自中国市场机构投资者的证据被引量：92

Value-Selection vs. Value-Creation:Evidence from Institutional Investors in the Chinese Market

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摘要本文研究机构投资者持股变动对公司业绩和公司业绩改善的影响。实证研究显示，机构投资者持股变动对公司业绩具有显著的正面影响，但是，有别于先前的研究，本文发现这个影响在中长期迅速减弱。而且，中国市场不同类型机构投资者的价值选择和价值创造能力存在显著差异：（1）投资实力强、倾向于采用集中投资策略的基金、QFII具有较强的价值选择能力，券商、社保基金、信托公司的价值选择能力较弱；（2）基金表现出一定程度的价值创造能力，而其他机构投资者目前尚不具备价值创造能力。 This article studies the influences of institutional investors＇ investment on firm performance. We find that institutional investors＇ investment has a significant positive effect on firm performance, but different from other studies, this effect becomes weaker quickly in the mid and long-term. Furthermore, institutional investors of different types have different value-selection and value-creation capabilities：（1） funds and QFII investors have strong value-selection capabilities, but security dealers, social security funds, trust companies and insurance companies have weak capacities; and （2） funds has some value-creation capabilities,but other institutional investors don＇t have any value-creation capabilities.

作者唐跃军宋渊洋

机构地区复旦大学管理学院

出处《经济学（季刊）》 2010年第1期609-632,共24页 China Economic Quarterly

基金国家自然科学基金项目(70802015) 2008年教育部博士点新教师基金项目(200802461116) 上海市哲学社会科学规划青年课题(2008EJB002) 上海市教育发展基金会晨光计划项目(2008CG09)资助

关键词机构投资者价值选择价值创造持股变动公司业绩改善 Institutional Investor, Value-Selection, Value-Creation, Shareholding Fluctuation, Improvement of Firm Performance

分类号 F275 [经济管理—企业管理] F224 [经济管理—国民经济]

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