机构投资者持股对公司业绩的影响分析——基于2009-2011年沪深上市公司的实证检验  

Research on the Influence of Institution Investors' Holdingon Listed Companies' Performance——Empirical Test Based on Data of 2009-2011 Shanghai and Shenzhen Listed Companies

作　　者：潘爱玲[1] 潘清 

机构地区：[1]山东大学管理学院 [2]济南市社会保险事业局

出　　处：《亚太经济》2013年第3期101-104,共4页Asia-Pacific Economic Review

基　　金：山东省自然科学基金项目(批准号Y2008H09);教育部人文社会科学规划基金项目(批准号12YJA630094);教育部新世纪优秀人才支持计划(批准号NCET-08-0341)项目

摘　　要：实证研究表明:有机构投资者持股的上市公司业绩要明显优于没有机构投资者持股的公司业绩;机构投资者持股份额与下一期的公司业绩正相关;机构投资者对第一大股东的持股制衡度越高,下一期公司业绩越高;长期机构投资者对公司业绩的改善程度与短期机构投资者没有显著差异。因此,建议完善机构投资者的投资环境;大力培育机构投资者队伍;增加机构投资者参与公司治理的渠道。Regression analysis： The performance of companies in which the institutional investors holding shares are better than those in which institutional investors holding no shares; there is a significant positive corre- lation between companies＇ next year performance and the shareholding percent of institutional investors; the de- gree of power balance between institutional investor and the first major shareholder and the corporate perform- ance are significantly correlated; there is no big difference between longer-shareholding institutional investors and the shorter ones in the aspect of improving corporate performance. Based on the conclusions, the authors give some suggestions such as improving the investment environment of institutional investors, positively cultivating institutional investor teams, and increasing channels of institutional investors to participate in corporate govern- ance.

关 键 词：机构投资者 公司治理 公司业绩 

分 类 号：F275[经济管理—企业管理]