摘要
以英国市场为背景,研究机构投资者的持股量对其持股公司业绩的影响.筛选出FTSE350企业中持股量大于10%的机构投资者,利用OLS和2SLS回归分析得知,机构投资者的大量持股对于企业的业绩有负面影响.同时,2SLS分析显示了该关系存在内生性,即业绩好的公司会吸引机构投资者持股量的增加.但这种影响随着行业分类因素的介入,而变得不具有持续性.总体来说,机构投资者持股量越大,对于企业产生的负面影响越大,而机构投资者倾向于投资业绩较好的公司.
Based on the British market, the impact of institutional investor＇ s shareholding on firm performance is researched. By the application of OLS and 2SLS regressions, the essay concludes that institutions with shareholding larger than 10% have negative impact on firm performance. And firms with good performance tend to attract institutional investors＇ investment. But this impact becomes inconsistent when industry dummies are added to the system. In general, with the increasing shareholding of the institutional investors, the negativity of the impact on firm performance becomes greater. At the meantime, institutional investors tend to invest those firms that have better performance than others.
出处
《河南教育学院学报（自然科学版）》
2014年第2期45-49,共5页
Journal of Henan Institute of Education(Natural Science Edition)
