机构投资者对上市公司绩效的影响——基于A-H股的自然实验

The Impacts of Institutional Investors on the Performance of Listed Companies——A Natural Experiment Based on A-H Shares

本文基于A-H股的自然实验从市场层面考察机构投资者与公司绩效的关系,分析机构投资者对中国上市公司绩效的影响。研究发现:机构投资者不会因为是大股东而对上市公司进行有效监督,使公司绩效提升;相反,机构投资者对上市公司持股,会导致公司绩效下降,主要原因可能是机构投资者更关心自身短期收益而频繁用脚投票,公司管理层为避免股价下挫会采用短视投资决策,最终损害公司长期利益而导致公司绩效下降。

Based on a natural experiment of A- & H-shares, this paper analyzes the relationship between the institutional investors and the performance of company, and the impacts of institutional investors on the performance of Chinese listed companies. It found that institutional investors, as large shareholders, will not effectively monitor the listed companies so as to improve the performance; on the contrary, the institutional investor's holding shares of listed company will lead to decline in the performance of company, and perhaps the main reason is because the institutional investors prefer short-run returns and vote with their feet frequently, thus the managers of the company make shortsighted-investment decisions to avoid dropping in stock price; ultimately, the long-term interests of the company will be harmed and the performance of the company will decline.