中国机构投资者对上市公司治理的影响——基于A股上市公司的实证研究

Institutional investors participating in corporate governance in China ——An empirical research of listed companies

随着近十年来不断地发展壮大,现在我国机构投资者对证券市场的影响很大,可以说是具有举足轻重的地位.发生改变的不仅仅是机构投资者的资产管理规模,我国证券市场经过十多年的发展,同样逐渐变得完善起来.在内部条件和外部条件都有利于机构投资者参与上市公司治理活动的情况下,机构投资者在综合考虑其参与公司治理的收益和成本之后很有可能会选择成为积极股东.运用回归分析的方法来研究我国机构投资者对公司治理情况的影响,通过实证检验发现我国机构投资者参与上市公司治理取得了一定的效果,能够提高上市公司的绩效,但我国机构投资者仍处于初步发展时期,对于公司治理的参与程度以及能够发挥的作用还比较有限.

Over the past decade, along with quickly expansion, institutional investors in China have become a very important force in securities market. With the expansion of the institutional investors＇ scale and the improvement of the securities market＇s system, institutional investors gradually began to afflict the governance of listed companies in China. The paper studies the impact of institutional investors in the governance of listed companies by taking them as potential positive shareholders through empirical research, and concludes that institutional investors improve the performance of listed companies through participating in the corporate governance of listed companies, but institutional investors in China are still at a preliminary period of development, and the degree of participation as well as the ability to play the role of corporate governance is limited.