机构持股与控制权转移关系实证研究

The Relationship between Institutional Ownership and Corporate Control Transfer

文章以2001～2004年我国发生控制权转移的上市公司为样本，研究了控制权转移前后机构持股对公司治理的作用。研究发现，在机构投资者发展的最初阶段，在接管事件发生之前，机构投资者没有表现出参与公司治理、改善公司绩效并降低公司被接管的可能性，但随着机构投资者的进一步发展，在2003年控制权转移事件之后，机构持股已能够影响公司治理并发挥一定的监督作用。本文的研究结果对促进我国机构投资者发展、完善上市公司治理具有重要的实践意义。

Based on the data of corporate control transfer in China from 2001 to 2004, this article emphasizes how institutional shareholders affecting corperate control transfer of listed companies. And the author finds that the institutional investors could not reduce the probability of takeover before it happened. However, as the development of institutional investors, the author finds that institutional ownership can affect corporate governance after corporate control transfer taking place in 2003, These results will be in favor of the development of institutional investors and corporate governance.