机构投资者持股与资源配置效率研究——来自中国证券市场的经验证据  

A Research on the Effect of Institutional Ownership on Resource Allocation:Empirical Evidence from China's Security Market

作　　者：宋玉[1] 廖义刚[2] 

机构地区：[1]南京大学商学院,江苏南京210093 [2]江西财经大学会计学院,江西南昌330013

出　　处：《江西财经大学学报》2010年第5期20-26,共7页Journal of Jiangxi University of Finance and Economics

基　　金：中国博士后科学基金会课题(20080441025);江苏省博士后科研资助计划项目(0901101C);江苏省教育厅高校哲学社会科学研究基金项目(09SJD790031);南京理工大学自主科研专项计划资助项目(2010ZYTS038)

摘　　要：证券市场资源配置效率在一定程度上意味着在投资回报率高的行业追加投资,而在投资回报率低的行业减少投资。基于该种理论基础,我们以我国2003-2007年间A股上市公司为样本,实证检验了我国机构投资者持股决策对证券市场资源配置效率的影响。研究结果发现,我国证券市场资源配置效率已经显现,但在各个行业间存在一定的差异;机构投资者的持股决策,对证券市场资源配置效率产生了积极作用。机构投资者持股比例越高的行业越有可能获得追加投资以扩大规模、获取更多的银行贷款和股权融资额,行业的资源配置效率越高。To some extent,the efficiency of resource allocation in the security market means investing more in the industry with high returns,and decreasing investment in the industry of low return.Based on the theoretical basis,this paper empirically examines the impact of institutional investors’decision-making on the efficiency of resource allocation using the data of listed companies in China from 2003 to 2007.The results indicate that such an impact has begun to emerge in China＇s securities market with varied influence in different industries.The institutional investors’ decision-making has a positive role for the efficiency of resource allocation.It is found that the industry sectors holding higher proportion of stocks by institutional investors are more likely to attract t more investments,obtain more bank loans and equity financing with higher resource allocation efficiency.

关 键 词：机构投资者持股 价格发现 资源配置效率 

分 类 号：F830.593[经济管理—金融学]