基于阶段性的矿业基金联合投资的持股偏好及其影响研究——来自多伦多证券交易所的经验证据  

Phased Analysis on Holding Preferences of the Mining Fund's Joint Investment and Its Impact——Empirical Evidences from the Toronto Stock Exchange

作　　者：危平[1] 毛晓丹[1] 孙淑萍[1] WEI Ping MAO Xiao-dan SUN Shu-ping(School of Business, Central South University, Changsha 410083)

机构地区：[1]中南大学商学院金融系

出　　处：《财务与金融》2016年第6期12-19,共8页Accounting and Finance

基　　金：国家自然科学基金重点项目(项目编号:71633006);国家自然科学基金(项目编号:71302066);教育部人文社会科学规划基金项目(项目编号:11YJA790158);湖南省社科基金重点项目(项目编号:14ZDB17)

摘　　要：作为风险分散的主要投资策略,联合投资在矿产投资中相较其他行业使用突出。本文以2008-2013年投资多伦多证券交易所矿产企业的国际矿业基金为研究对象,采用阶段性分析方法,来理解联合投资的投资决策行为及其影响。研究发现,与单独投资相比,采取联合投资策略的矿业基金更关注企业的盈利能力和企业规模。在投资中的持股变化阶段,联合投资者更注重对投资风险的分散及对收益的获取,这符合联合投资行为的动机。而且,"跟投"现象明显。最后,联合投资持股对被投资企业绩效有显著的正影响,并表现出持续性。由于联合投资的合作关系的积极效应,参与联合投资的矿业基金数量越多,基金之间实力越相近,对于被投资企业的绩效管理更为有利。Based on a dataset of mining funds which have invested in mining companies listed on the Toronto Stock Exchange between 2008 to 2013, this paper used a phased analytical method to study holding preferences of mining fund＇s joint investment and its impact on firms＇ performance. The empirical study found that, when compare with individual fund investor, joint fund investors are more concerned about profitability and size of the invested mining firms. In the holding stage, joint fund investors pay more attention to diversification of investment risk and profit acquisition. And there is a clear sign of ＂follow-up investment behavior＂. Finally, there is positive significant and sustained impact of joint fund investment on mining firms＇ performance. Moreover, empirical studies suggested that due to positive cooperative relations between joint investors, more joint investors and more balanced between joint investors＇ power, the better the mining firms perform.

关 键 词：矿业基金 联合投资 持股偏好 公司治理 阶段性分析 公司绩效 

分 类 号：F831[经济管理—金融学]