基金持股行为特征与上市公司绩效——来自中国资本市场2005～2011年面板数据的经验证据

The Characteristics of Funds Holding Behavior and the Performance of Listed Companies——Empirical Evidence of China Capital Market from 2005 to 2010

在基金持股比例的基础上拓展了反映基金持股行为的因素,从基金参与上市公司治理的动力、对第一大股东形成制衡的能力以及持有股票的偏好等三个方面,综合研究基金持股介入对公司绩效的影响。以2005年12月31日之前在深、沪两家证券交易所已经上市至少3年的上市公司为样本,选取2005～2011年的面板数据,共计6898个有效观测值,进行了实证研究。结果表明:基金持股比例的扩大,为基金提供了参与上市公司治理的动力和抗衡第一大股东的能力,因此能够有效缓解企业"内部人监控"、股权结构不合理等问题,提升上市公司整体绩效;那些获得基金青睐并重仓持股的上市公司,其绩效亦得以显著改善。

This paper analyzes the influences of funds behavior on corporation performance from the aspects of are the motive of participating in the governance, balance-forming ability and stock-holding preference. Companies which were listed in Shanghai or Shenzhen stock market for three years before December 31, 2005 are selected as samples, panel date from 2005 to 2011 are chosen （total of 4426 valid observations） to test the influence. The results show that： the expansion of the holding proportion of the fund provides the ability of participating in management and resisting the largest shareholders, which can effectively alleviate the problems such as ＂internal monitoring＂ and unreasonable share equity structure and increase the performance of the companies. Meanwhile, the value of those listed companies which are in funds~ graces will also be significantly improved.