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摘要：现有国内关于机构投资者与上市公司治理水平的研究成果较少涉及机构投资者的内部差异及战略差异对公司治理的影响分析。因此，本文基于投资策略角度，将机构投资者进行分类研究。并将上市公司的发展阶段进行区分，以每股收益为公司绩效指标，对机构投资者对上市公司治理绩效展开实证研究。研究发现：整体上机构投资者对公司治理的态度较为积极，有利于提高公司绩效。但不同机构投资者对处于不同发展阶段公司的治理积极性和有效性存在差异:对于成熟的上市企业，证券投资机构、合格境外机构投资者、保险公司和社会保障基金的持股会促进公司绩效的改善，银行持股则有负面影响；对于处于创新阶段的中小企业，由于风险和成本等因素，相对于其它机构投资者而言，证券投资机构会对公司业绩产生持续显著的积极影响。24462
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毕业论文关键字： 机构投资者；公司治理；公司绩效
The influence of institutional shareholders on the corporate governance
Abstract: Current researches on the influence of institutional shareholders on the corporate governance for listed companies in China rarely focus on the segmentation of institutional investors, especially lacking the detailed analysis of various influences on the corporate governance for listed companies caused by different institutional investors' strategies. This paper provides empirical research on the impact of institutional shareholder activism on the corporate governance, using the investing strategy to distinguish institutional investors, differentiating listed companies by the growth stage, and taking EPS (earnings per share) as the company performance indicator. The result of the empirical analysis shows that the institutional shareholders are generally inclined to play an active role in the corporate governance, and as a result, improve the performance and value of the company. However, the initiative and effectiveness vary a lot when different institutional investors participate in the management in different kinds of corporations. For the mature listed companies, the securities investment institutions, QFII, insurance companies and social security funds will promote the corporate performance while the banks will have a negative effect. But for those innovative and high-growth listed medium and small enterprises, because of risk and cost, only the securities investment institutions will have continuous significant positive influence on the corporate performance.
Key Words：Institutional Investors ；Corporate Perform ；Corporate Governance
目 录
绪论 1
一、国内外文献综述 4
（一）基于机构投资者分类的研究 4
（二）基于机构投资者参与公司治理动机的研究 4
（三）基于机构投资者与公司绩效的研究 4
（四）基于机构投资者与盈余管理的研究 5
（五）基于机构投资者与独立董事的研究 5
（优尔）基于机构投资者与高管薪酬的研究 5
（七）基于机构投资者与公司决策的研究 6
二、机构投资者的相关理论研究 7
（一）机构投资者的界定 7
（二）机构投资者的特点 7
三、机构投资者的异质性对公司治理影响的理论分析 9
（一）证券投资机构和QFII的异质性 9
（二）银行和保险公司的异质性 10
（三）社保基金和其他非金融机构的异质性 10
四、机构投资者的异质性对公司治理影响的实证分析 11
（一）理论分析与研究假设 11