机构投资者持股对公司业绩的影响分析——基于2009-2011年沪深上市公司的实证检验

Research on the Influence of Institution Investors' Holdingon Listed Companies' Performance——Empirical Test Based on Data of 2009-2011 Shanghai and Shenzhen Listed Companies

实证研究表明:有机构投资者持股的上市公司业绩要明显优于没有机构投资者持股的公司业绩;机构投资者持股份额与下一期的公司业绩正相关;机构投资者对第一大股东的持股制衡度越高,下一期公司业绩越高;长期机构投资者对公司业绩的改善程度与短期机构投资者没有显著差异。因此,建议完善机构投资者的投资环境;大力培育机构投资者队伍;增加机构投资者参与公司治理的渠道。

Regression analysis： The performance of companies in which the institutional investors holding shares are better than those in which institutional investors holding no shares; there is a significant positive corre- lation between companies＇ next year performance and the shareholding percent of institutional investors; the de- gree of power balance between institutional investor and the first major shareholder and the corporate perform- ance are significantly correlated; there is no big difference between longer-shareholding institutional investors and the shorter ones in the aspect of improving corporate performance. Based on the conclusions, the authors give some suggestions such as improving the investment environment of institutional investors, positively cultivating institutional investor teams, and increasing channels of institutional investors to participate in corporate govern- ance.