产权性质、机构投资者持股与企业风险承担——来自我国上市公司的经验证据  

Nature of Property Right,Institutional Investor Holdings and Risk Taking

作　　者：谢获宝[1] 石佳[1] 

机构地区：[1]武汉大学经济与管理学院

出　　处：《财会通讯（下）》2015年第5期35-39,共5页Communication of Finance and Accounting

基　　金：国家社科基金项目"我国国有企业高管薪酬管理制度改革研究"(项目编号:10BGL067)的阶段性研究成果

摘　　要：本文基于2006-2013年A股主板上市公司数据,分析了机构投资者持股比例与企业风险承担的关系。研究发现,机构投资者持股比例与企业风险承担显著负相关,表明我国的机构投资着并未有效改善企业的风险承担水平,机构投资者的短视行为依然存在。与持股比例较低的机构投资者相比,高持股比例的机构投资者对风险承担的负向影响效力更大。进一步检验发现,在国有企业中,机构投资者持股未能优化企业的风险承担水平,而在非国有企业中,机构投资者持股与企业风险承担之间无显著关系。Based on the data of listed companies from A shares market during the period 2006-2013,this paper analyzed the relationship between institutional investor holdings and risk taking.The empirical results show that institutional investor holdings are significantly negative with risk taking,which means China's institutional investors haven't effectively improved the risk taking behavior of listed companies.and myopic behavior still exists.Compared to lower holdings of institutional investors,higher holdings have stronger negative influence on risk taking.Furthermore,the study shows that in state-owned companies,institutional investor holdings can not optimize the risk taking behavior,while in non-state-owned companies,institutional investor holding has no impact on risk taking.

关 键 词：产权性质 机构投资者 风险承担 

分 类 号：F832.51[经济管理—金融学] F275