机构投资者改善公司业绩了吗?——来自PSM的新证据

Do the Institutional Investors Improve the Corporate Performance— Evidence from Propensity Score Matching Method

机构投资者作为大股东和外部中小股东之外的第三方投资力量,究竟能否积极参与公司治理、改进公司业绩水平是学者研究的热点。考虑到机构持股与公司业绩之间的内生性问题,采用倾向得分匹配(PSM)的方法检验以证券投资基金为代表的机构投资者对公司业绩的影响。研究结论如下:机构投资者能够改善公司业绩,机构持股公司当年公司价值、总资产收益率、净资产收益率和每股经营活动现金流量都显著高于普通持股公司;机构持股对于公司业绩的改善具有持续性,机构持股公司1年后及2年后的公司价值、总资产收益率、净资产收益率和每股经营活动现金流量也都显著高于普通持股公司。结论表明,机构投资者的积极参与能够改进公司治理,提升公司业绩。

As the third investors except as control shareholders and minority stockholders, do the institutional investors actively participate in corporate governance and improve the company＇s performance it is a research hotspot. Because there is an endogenous problem between institutional ownership and corporate performance, this paper uses propensity score matching （PSM） method to test the impact of securities investment fund on behalf of the institutional investors on the performance of the companies. The conclusions of the study show that ： the institutional investors can improve the performance of the company, if institutional investors have the ownership, the company＇ s market value, ROA, ROE and cash flow from operating activities was significantly higher than others; and institutional investors can improve company＇ s performance for a long time, the empirical evidence shows if institutional investors have the ownership, the company＇ s market value, ROA, ROE and cash flow from operating activities was significantly higher than others in one year and 2 years. So institutional investors can actively participate in corporate governance, bringing continuous improvement to corporate performance.