中国上市公司机构投资者对公司绩效影响的实证分析

Empirical Analysis of Impact of Institutional Ownership on Corporate Operating Performance

伴随着2007年资本市场股权分置改革接近尾声,我国公司治理机制方面,在其实质上与形式上都产生了较有影响力的变化:一股独大的现象得到了改善,同股同权真正落实在每一个股东手上;同时资本市场也有了显著变化,以基金为主的形形色色的机构投资者粉墨登场,大量的闲散资金注入机构投资者。本文关注在后股权分置时代,机构投资者作为资本市场上实力与能力兼具的股东,能否对公司治理产生影响,从而改善公司绩效。通过建立机构投资者参与公司治理回归分析模型,来进行实证研究,为公司治理决策层和资本市场监管层提供科学依据。

With the arriving of all-circulation of Chinese capital market in late 2007,the Chinese corporate governance had experienced change either essentially or formally.The domination of State-held shares of the listed companies had relived and every holder got the real right based on the shares.The various institutions such as fund have emerged to the capital market,where had been experienced tremendous revolution,with the capital from retail and private investors.This paper,under the background of post-non-tradable share period,focuses on the relationship between institutional investors whio have the strength and ability and performance of firms and empirically examines the efforts of institutional monitoring on corporate governance thus provides the scientific evidence for decision layer and regulation layer.