基于阶段性的国内外矿业基金持股偏好及其影响的比较性分析

Phased analysis of holding preferences of mining funds and their impact-empirical evidences from the toronto stock exchange and Chinese listed mining firms

作为机构投资者,矿业基金对矿业企业的投资往往会影响矿产资源项目的开发和利用。本文利用国内外矿业基金投资上市矿业公司的数据,采用阶段性分析方法,系统对比分析了国内外矿业基金的持股决策行为及对被投资矿业企业的绩效影响。研究发现,国外矿业基金投资呈现长期投资者的特征,而国内矿业基金表现为短期投机者。并且,国外矿业基金持股对被投资企业的绩效具有显著和持续性的积极影响,但国内矿业基金持股却对被投资矿产企业的绩效有显著消极影响。本文研究为理解国内外不同情境下矿业基金和矿业企业公司治理的关系提供了直接的证据,并为尚处于发展阶段的国内矿业投资提供了政策建议与启示。

As institutional investors, the mining fund＇s investment in mining firms has impacts on exploitation and utilization of mineral resources. Drawn on a dataset of international and domestic mining investment,this paper used a phased analytical method to study holding preferences of mining funds＇ investment and its impact on firms＇ performance. The empirical study suggests that, while international mining funds were characterized as long-term investors, domestic mining funds demonstrated behaviors of short-term speculators. Moreover,international mining funds＇ shareholding of mining firms had significant and sustained positive impacts on invested firms＇ performance, while domestic mining funds had significant and negative impacts. This research contributes directevidences to understanding the relationships between mining funds and invested mining firms in different context and brings out suggestions and advices for the development of domestic mining investment.