机构投资者持股持续性对我国上市公司业绩及风险的影响研究

The impact of institutional ownership persistence on listed firms’ performance and risk

通过构建机构持股持续性指标体系，从四个维度全面研究机构持股持续性对上市公司业绩及风险的影响。整体来看，机构持股比例和持股稳定性的提升显著提高了公司业绩并降低了风险，反之则相反；机构持股期限与公司业绩仅呈很弱的显著负相关，导致这一异象的原因是：机构持股期限仅是一种表象，其背后隐含的是机构频繁换股的“散户化”行为及其不同的利益诉求带来了摩擦，加剧了公司经营决策和管理的不确定性，使公司业绩下降．分组研究显示：机构持股对公司业绩及风险的影响存在异质性；机构投资者只有秉持长期价值投资才利于公司业绩的提升，而以短期投机为目的的机构投资者对公司发展有害无益；机构持股稳定性越高，越有利于降低公司业绩风险；在机构持股比例高且持股期限长的公司中，机构持股比例与期限的协同效应越强，对公司业绩的改善作用越大，反之越小；在机构低比例持股的公司中，机构持股稳定性的提升对降低公司业绩风险的作用大于机构高比例持股的公司中对应的作用．

By establishing institutional ownership persistence index, we study the impact of institutional ownership persistence on listed firms＇ performance and risk in four aspects. Overall, the raise of institutional ownership proportion and stability can significantly improve the firms＇ performance and risk, and vice versa. There is a very weakly significant negative correlation between the institutional ownership period and the firms＇ performance. This bizarre phenomenon indicates that institutional ownership period is only a surface phenomenon. The deep-seated reason is that institutional investors＇ frequent transaction and different interest demands bring about the friction, which exacerbates the uncertainty of the firms＇ business decisions and management, and causes the decline in performance of the firms. Group study shows that heterogeneity exists among the impact of institutional ownership on the firms＇ performance and risk. Institutional investors with the long-term value of investment can improve the performance of the firms. Otherwise, they are harmful to the firms＇ development. Higher stability of institutional holding can reduce the risk of firms＇ performance, and this relationship is more significant among the firms with low proportion of institutional holding. In the firms with high proportion and long period of institutional ownership, the stronger synergistic effect of the institutional ownership proportion and period is, the greater impact on the improvement of the firms＇ performance is. The increase of institutional shareholding stability of those with a low proportion of institutions is more important than that of companies with high proportion holding institutions in reducing the company＇s performance risk.