机构持股对上市公司关联交易影响的实证研究

An Empirical Study on the Impacts of Institutional Investors' Share holding on Related party Transactions of Listed Companies

以机构投资者的不同持股特征为切入点,实证检验了机构投资者对我国上市公司关联交易产生的影响。结果表明,在目前机构投资者与控股股东股权力量对比较弱的情况下,机构投资者主要是以整体的力量对关联交易进行监督,而大型机构没有起到应有的监督作用,这不仅表现在大型机构的持股比例与持股权重对关联交易没有产生显著的作用,同时表现在大型机构之间持股的差异度、集中度对关联交易产生了显著的正向作用。

Institutional investors play an inereasiagly more important role in corporate governance due to their fast growth in China. To test empirically the impacts of institutional investors on related-party transactions, this study designs new variables reflecting their shareholding characteristics. The results show that institutional investors cur- rently play an active role in supervising related-party transactions as a whole. However, large institutional investors do not play their due supervisory role, evidenced in the insignificance of their shareholding ratio and weight on re- lated-party transactions as well as the positive significance of their shareholding differences and concentrations on related-party transactions.