境外机构投资者(QFII)对公司绩效的影响研究——来自沪深A股1078家上市公司的证据  

Research on the Influence of Foreign Institutional Investors(QFII)onCorporate Performance:Evidence from 1078 A-ShareListed Companies in Shanghai and Shenzhen

作　　者：刘烨[1] 马彤彤 宫靖雯 LIU Ye;MA Tongtong;GONG Jingwen(School of Business Administration,Northeastern University,Shenyang 110169,China)

机构地区：[1]东北大学工商管理学院,辽宁沈阳110169

出　　处：《上海管理科学》2023年第2期59-67,共9页Shanghai Management Science

基　　金：中央高校基本科研业务费资助项目(N2006003)。

摘　　要：论文选取2010—2019年有境外机构投资者持股记录的上市公司作为研究样本,以上市公司绩效的衡量指标托宾Q为被解释变量、QFII持股比例为解释变量、高管薪酬为中介变量建立多元回归模型,实证检验QFII持股比例对企业绩效的影响以及高管薪酬在其中是否起到中介效应。此外,论文还探究了在不同所有权性质下,QFII持股比例对企业绩效的影响程度如何。论文得出如下结论:(1) QFII持股比例与企业绩效之间呈正相关;(2)与国有企业相比,非国有企业QFII持股比例与企业绩效的正相关关系更加显著;(3)高管薪酬在其中起到部分中介作用。This article selects listed companies with foreign institutional investor holding records from 2010 to 2019 as the research sample,using Tobin Q,a measure of listed company performance,as the explained variable,QFII shareholding ratio as the explanatory variable,and executive compensation as the intermediary The variables establish a multiple regression model to empirically test the impact of QFII shareholding ratio on corporate performance and whether executive compensation plays a mediating effect in it.In addition,this article also explores how the QFII shareholding ratio affects corporate performance under different ownership properties.This paper draws the following conclusions:(1)QFII shareholding ratio is positively correlated with corporate performance;(2)compared with state-owned enterprises,non-state-owned enterprises QFII shareholding ratio has a more significant positive correlation with corporate performance;(3)executive compensation plays a part of the intermediary effect.

关 键 词：境外机构投资者 高管薪酬 中介效应 所有权性质 企业绩效 

分 类 号：C939[经济管理—管理学]