机构投资者持股与上市公司财务绩效的实证研究  

Empirical Study of Institutional Investors and the Financial Performance of the Listed Companies in China

作　　者：周运兰[1] 李子珺[2] 罗如芳[1] 

机构地区：[1]中南民族大学管理学院,武汉430074 [2]中国水电地产公司武汉分公司,武汉430013

出　　处：《中南民族大学学报（自然科学版）》2013年第3期113-117,共5页Journal of South-Central University for Nationalities：Natural Science Edition

基　　金：国家社会科学基金资助项目(12BGL042);国家社会科学基金(青年)资助项目(11CMZ033)

摘　　要：选取我国A股上市公司在2008～2010年的数据作为研究对象,比较全面地实证考察了机构投资者持股比例不同对上市公司财务绩效的影响.研究发现:我国机构投资者一定程度上扮演了"价值发现者"的角色,对上市公司财务绩效具有一定的改善能力.此研究结果为我国机构投资者发展和上市公司财务绩效评价提供了有益的参考.This paper uses the three years＇ data（ during 2008 - 2010） of all the A-share listed companies in China as the research objects, makes comprehensive empirical investigation on the influence of institutional investors＇ shareholding ratio to the financial performance of the listed companies. According to the empirical study, this paper finds that institutional investors in China have played the role of value discovers in some degree and have some ability to improve the financial performance of the listed companies. The results provide useful references for the development of institutional investors and the financial performance evaluation of the listed companies in China.

关 键 词：机构投资者 财务绩效 上市公司 资本市场 价值发现 

分 类 号：F830.9[经济管理—金融学]