机构投资者在公司治理中的作用——基于中国上市公司的实证研究

Role of Organ Investor in Enterprise Management——Overview of Empirical Literatures on Chinese Market Enterprise.

机构投资者在公司治理中的作用一直以来是国内外学术界备受争议的一个问题。国外理论和经验研究结果主要包括积极监督者假设和暂时投资者假设两种观点,而国内在相关经验研究方面仍处于空白状态。我们通过对中国上市公司的实证研究发现:机构投资者持股与公司绩效存在一定的正相关关系。这个结论对我国公司治理结构的发展有一定的启示作用。

The role of organ investor has been a question that is debated by literature field. Research of outside theory and experience includes two views：active supervisor and temporary investor, but chinese research on them is still blank. This paper finds stock hold by organ investor and enterprise aehievements are a forward relation through the research on Chinese market enterprise which will be a certain meaning to Chinese enterprise management.