机构投资者的“机构化”——基于公募基金持有者结构的实证分析  

The Institutionalization of Institutional Investors——The Empirical Analysis Based on the Structure of Mutual Fund Holders

作　　者：贾春新[1,2,3] 马梦璇 JIA Chun-xin;MA Meng-xuan

机构地区：[1]北京大学光华管理学院 [2]北京大学金融与证券研究中心 [3]北京大学曹凤岐金融发展基金 [4]中国工商银行

出　　处：《农村金融研究》2024年第3期3-17,共15页Rural Finance Research

基　　金：国家自然科学基金面上项目“证券分析师、机构投资者与金融监管”(编号:71673006)的研究成果。

摘　　要：大力发展机构投资者、着力打造现代金融企业是证券市场走向成熟的标志,也是中国特色现代金融体系发展和优化的关键。然而已有研究多聚焦于机构投资者持股对于公司经营治理等方面的影响,却忽视了这类机构投资者自身股东结构“机构化”的影响。选择公募基金作为机构投资者代表,研究发现“机构化”程度高的基金未来能取得更高的超额收益。为进一步分析内在机制,论文提出了“私有信息机制”“激励机制”和“监督机制”三种假说,检验发现机构投资者不仅可以“用脚投票”,更对公募基金存在积极的激励和监督作用,对基金经理的选股能力和投资的耐心程度有显著的正向影响。研究还发现机构投资者持有的稳定性也是提高基金未来收益的关键因素。论文就金融中介链条问题展开了初步探索,为理解我国资本市场中机构投资者作用提供了更多实证细节和证据,同时也丰富了公募基金领域的研究思路。Developing institutional investors and striving to build modern financial enterprises is a sign of the maturity of the securities market,and it is also the key to the development and optimization of a modern financial system with Chinese characteristic.However,some studies have mostly focused on the role of institutional investors in improving corporate governance,but ignore the impact of investment institutions' own shareholder structure.This paper selects mutual funds as representatives of institutional investors,and the study finds that funds with higher institutional holdings will achieve higher excess returns in the future.In order to further analyze the internal mechanism,this paper puts forward three hypotheses:"Private Information Mechanism","Incentive Mechanism" and "Supervision Mechanism",and the empirical results show that institutional investors can not only "vote with their feet",but also have a positive incentive and supervision effect on mutual funds,which has a significant positive impact on the fund manager's stock selection ability and investment patience.The paper also finds that the stability of institutional investors' shareholding is also a key factor to improve the future return of funds.This paper preliminarily explores the issue of financial intermediation chain,which provides more empirical details and evidence for understanding the role of institutional investors in China's capital market,and also enriches the research ideas in the field of public funds.

关 键 词：机构投资者 金融中介链条 公募基金 超额收益 

分 类 号：F832[经济管理—金融学]