机构投资者介入公司治理效果的实证研究--基于CCGI^NK的经验研究

An Empirical Study on the Effect of Institutional Investors Participating in Corporate Governance: Based on the Data of 2004-2006 CCGI^(NK)

随着中国股票市场的发展,机构投资者的数量和市值比例越来越高,参与公司治理的动力也越来越大。本文采用面板数据(Panel Data)和截面数据(Cross Section Data)计量方法研究了与个人投资者相比具有专业、信息和资金优势的机构投资者参与上市公司治理的效果。基于CCGINK 2004-2006沪深两市3470家样本的实证结果显示,机构投资者在提升上市公司治理水平方面发挥了重要的作用,降低了上市公司的代理成本,机构投资者持股比例与公司绩效和市场价值之间存在显著的正相关关系。

In the global scale, the negotiable securities quantity holding by the institutional investors rises unceasingly. As the important shareholders of listed companies, the institutional investors seem to be getting more and more important. The institutional investors no longer use the tradition way of ＂the Wall Street rule＂ to sell the stock to protect its capital value, but have the positive posture of ＂with the hand voting＂. With the development of stock market in China, the amount and market value ratio of institutional investors is higher, and then the institutional investors＇ market force and motivation to participate in corporate governance practice of listed companies becomes greater and greater. This paper uses panel data and cross sectional data econometrics method to study the effect that the institutional investors participate in corporate governance practice, which have the advantages of professional skill, information source and fund amount compared with the personal investors in the stock market. Based on the empirical results of 2004- 2006 CCGINK data for 3470 listed companies samples in Shanghai and Shenzhen Stock Exchange markets, this paper finds that institutional investors have played an important role in promoting the level of listed companies corporate governance, and then reduces the agency cost with the improving of corporate governance quality. Meanwhile, there is a significantly positive correlation relation between institutional investor＇s shareholding ratio of listed companies and corporate performance or market value. Basing on the conclusions getting from the above theoretical and empirical study, the paper puts forward some proposals for promoting the participation of institutional investors in the corporate governance to increase the corporate governance level for the listed companies, and then promotes the development of the practice of corporate governance, deepen the theoretical study of corporate governance.