我国机构投资者持股对上市公司绩效的影响研究

摘要随着近十年来的迅速发展，机构投资者逐渐成为我国证券市场上一股至关重要的力量，同时也开始影响着上市公司的治理。那么机构投资者对我国上市公司的治理产生了怎样的影响？机构投资者是否通过参与公司治理，提高了公司的业绩表现？本文分别从理论和实证两方面研究了机构投资者持股对上市公司治理和绩效的影响，希望能为我国机构投资者的规范化发展提供参考。本文在理论阐述的基础上，以沪市A股上市公司的数据为样本，采用多元回归分析的方法对我国机构投资者参与上市公司治理和公司绩效之间的关系进行了实证检验。最后通过分析，得出了机构投资者持股并参与上市公司治理能够有效提高公司绩效这一结论。21693
关键词机构投资者；公司治理；公司绩效
毕业论文外文摘要
Title Research of the Influence of Institutional Investors on
Performance of Listed Companies in China
Abstract
Over the past decade，along with the rapid development，institutional investors in China have become a quite important force in the securities market. In the meantime, institutional investors also began to affect the governance of listed companies . How is the influence of institutional investors on the corporate governance of listed companies in China? Whether institutional investors improved the performance of listed companies by participating in the corporate governance?The thesis studied the influence of institutional investors on the corporate governance and performance of listed companies through both theoretical analysis and empirical research, and wishes to provide references for the standardization of institutional investors in China. Based on the fundamental theories, this thesis used statistics of Shanghai A-shared listed companies as samples and did empirical tests on the relationship between institutional investors’participation in corporate governance and performance of those companies by using multiple regressions. Finally, we came to the conclusion that insititutional investors’s participation in corporate governance can improve the performance of listed companies.
Keywords institutional investors；corporate governance；corporate performance
目   次
1 绪论   1
1.1 研究目的及意义   … 1
1. 2 研究框架及主要内容   1
2 相关理论基础及国内外研究综述 … 3
2.1 相关定义及理论基础介绍 … 3
2.2国内外相关研究成果 … 4
3 机构投资者参与上市公司治理的分析 … 8
3. 1 我国机构投资者发展的历史及现状   8
3. 2 机构投资者参与上市公司治理动机分析   8
3. 3 机构投资者参与上市公司治理的方式分析 … 8
4 实证分析   … 11
4. 1 变量设定    11
4. 2 样本选取    11
4. 3 数据来源    12
4. 4 描述性分析 … 12
4. 5 Pearson相关性检验及模型设定 … 12
4. 6 模型回归结果分析    13
结论 … 15
致谢 … 17
参考文献 18
1   绪论
自20世纪80年代以来，西方证券市场上兴起一股机构投资者热潮。越来越多的机构投资者开始登上资本市场的舞台，并扮演着越来越成熟的角色。机构投资者的股东积极主义倾向也随之崛起，机构投资者日益成为资本市场上一股至关重要力量。我国机构投资者持股对上市公司绩效的影响研究:http://www.youerw.com/kuaiji/lunwen_14028.html