机构投资者持股对上市公司绩效影响实证研究——以浙江省制造业为例  

An Empirical Study on the Impact of Institutional Investors' Shareholding on Listed Companies' Performance——Based on manufacturing of Zhejiang Province

作　　者：童明荣[1] 王宗军[2] 王山慧[2] 

机构地区：[1]宁波市人民政府发展研究中心 [2]华中科技大学管理学院

出　　处：《财会通讯（中）》2018年第10期24-26,共3页Communication of Finance and Accounting

摘　　要：本文以2012～2014年浙江省上市公司为研究样本,考察机构投资者持股对公司绩效影响,同时对不同类型机构投资者与公司绩效的关系进行检验。结果表明:在浙江省上市公司中,机构投资者持股比例与公司绩效存在正相关关系;机构投资者持股比例越高,公司绩效越好;不同类型的机构投资者对公司绩效的影响不同,证券投资基金和QFII对公司绩效有显著的正向影响,而社会保障基金、证券公司、保险基金和信托公司并不会影响公司绩效。此外,本文还发现机构投资者对第一大股东的制衡有助于提高公司绩效。Choosing listed companies of Zhejiang Province in 2012-2014 as the sample,this paper examines the impact of institutional investors' shareholding on corporate performance,examines the relationship between different types of institutional investors and corporate performance.The results show that there is a positive correlation between institutional investors' shareholding ratio and the performance of the listed companies that is the higher ratio the institutional investors hold,the better the performance of the companies.What's more different types of institutional investors have different impacts on corporate performance,such as securities investment funds and qualified foreign institutional investment funds have a significant positive impact on corporate performance,while social security funds,securities companies,insurance funds and trust companies do not affect corporate performance.In addition,the article also finds that institutional investors' balance on the largest shareholder can help improve corporate performance.

关 键 词：机构投资者持股 持股制衡 公司绩效 

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