机构投资者角色发凡:2004～2007年部分上市公司样本

Introduction to the Roles of Institutional Investors: Some Listed Companies from 2004 to 2007

随着机构投资者的壮大,机构投资者在公司治理是扮演何种角色已成为我国制定相关政策的基础。利用2004～2007年沪深两市机构持股的上市公司为样本进行的实证研究发现,越高比例的机构持股及长线机构有助于提升公司业绩,表现为投资者角色;与预期相反,短线机构也表现为投资者角色。进一步的研究发现,机构表现出投机者或投资者角色,主要由其在公司的持股比例决定。现阶段应积极推进公司持股的机构化和机构持股的长期化。

With the growth of institutional investors, recognizing the role of institutional investors when governing company has become the basis of formulating relevant policies in China. In this paper, we use listed companies （2004~2007） which have institutional stockholdings as samples. The results found that the institutional investors showed investors＇ role in the listed company, who have higher proportion of institutional ownership or long-term shareholding. Contrary to expectations, the short-term shareholding institutional investors also showed investors＇ role. Further study found that the institutional investors＇ roles of speculators and investors majorly depend on the proportion of their holdings. Therefore, we should promote the institutionalization of corporate ownership andi long- term institutional stockholdings.