异质机构投资者对企业绩效的影响——基于独立性和稳定性交叉视角下的检验被引量：13

The Impact of Heterogenous Institutional Ownership on Firm Performance:a Test from Cross Perspective of Independence and Stability

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摘要本文从独立性和稳定性交叉视角检验了异质机构投资者持股对企业绩效的影响。研究发现独立机构投资者持股比例越高,企业绩效越好;非独立机构投资者持股比例与企业绩效的相关性不显著。同时,独立机构投资者持股是否稳定对企业绩效的影响存在显著差异;而非独立机构投资者持股是否稳定对企业绩效的影响不存在显著差异。这说明独立性机构投资者在公司治理中能发挥着更为积极的作用,且其投资的稳定性标志着企业绩效的提高。因此,监管部门应鼓励发展独立机构投资者,并引导其进行稳定投资。 This paper investigates the impact of heterogenous institutional ownership on firm performance from a cross perspective of independence and stability.The empirical results suggest that the higher the independent institutional ownership proportion,the better the firm performance.There is no significant correlation between the dependent institutional ownership and firm performance.Besides,Whether the institutional ownership is stable or not has a significant effect on firm performance only when the institutional investor is independent.These findings indicate that independent institutional investors can play a more active role in corporate governance,and the stability of its investment is a symbol of the improving of firm performance.Hence,regulators should encourage the development of independent institutional investors and guide them to invest stably.

作者刘颖斐倪源媛

机构地区武汉大学经济与管理学院

出处《现代财经（天津财经大学学报）》 CSSCI 北大核心 2015年第8期57-69,共13页 Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基金国家自然科学基金资助项目(70702018 71272227)

关键词机构投资者企业绩效独立性稳定性 institutional investors firm performance independence stability

分类号 F272.5 [经济管理—企业管理]

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