本文關(guān)鍵詞： 機(jī)構(gòu)投資者積極主義 股票價(jià)格 公司治理　出處：《貴州財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：從上世紀(jì)80年代到現(xiàn)在，在全球主要的較成熟資本市場上，隨著政府和監(jiān)管部門對機(jī)構(gòu)投資者投資的相關(guān)法律制度的放寬，機(jī)構(gòu)投資者得到了飛速的發(fā)展。投資機(jī)構(gòu)化、機(jī)構(gòu)主導(dǎo)化已是證券市場發(fā)展的大勢所趨。由于其規(guī)模的不斷擴(kuò)張，在有關(guān)公司治理方面參與的廣度和深度也不斷加強(qiáng)，在各國掀起了有關(guān)機(jī)構(gòu)投資者在公司治理方面的作用和影響的研究熱潮。 作為一個(gè)最有代表的新興市場，中國的資本市場用十幾年的時(shí)間走過了發(fā)達(dá)國家資本市場上百年的路程，可謂突飛猛進(jìn)、快速成長。自從我國1998年開始進(jìn)行證券投資基金試點(diǎn)之后，管理部門加快培育和發(fā)展機(jī)構(gòu)投資者的步伐，依托于我國經(jīng)濟(jì)良好的基本面，機(jī)構(gòu)投資者迅速崛起。這不僅表現(xiàn)在機(jī)構(gòu)投資者數(shù)量、規(guī)模的急劇擴(kuò)張上，還表現(xiàn)在機(jī)構(gòu)投資者投資管理理念日益成熟、投資行為日益規(guī)范，投資組合管理更加活躍上。本文主要是在前人的研究的基礎(chǔ)上對我國機(jī)構(gòu)投資者行為與股票價(jià)格的關(guān)系進(jìn)行研究。 本文的目的是研究機(jī)構(gòu)投資者積極主義對股東財(cái)富的影響，股東財(cái)富直接由流通市場上公司的股票價(jià)格來反映。在介紹了什么是機(jī)構(gòu)投資者積極主義和機(jī)構(gòu)投資者與股票價(jià)格的相關(guān)理論和實(shí)證研究的基礎(chǔ)上，用短期的事件研究法分析了在我國的股票市場上，當(dāng)公司治理出現(xiàn)問題時(shí)，機(jī)構(gòu)投資者積極主義對公司的股票價(jià)格會(huì)有何影響。在收集整理分析了大量數(shù)據(jù)和運(yùn)用SPSS軟件進(jìn)行簡單的分析之后得出了結(jié)論，即對于那些被中國證券監(jiān)督管理委員會(huì)發(fā)布行政處罰的公司，機(jī)構(gòu)投資者積極主義對股票價(jià)格有著消極的影響，，即對股東財(cái)富會(huì)有消極的影響，且引起處罰發(fā)布的原因越多則影響就越大。
[Abstract]:From -20s to now, in the major mature capital markets in the world, with the government and regulatory authorities on institutional investors investment related legal system relaxed. Institutional investors have been rapidly developed. Investment institutionalization, institutionalization is the trend of the development of the securities market. Because of its continuous expansion of the scale. The extent and depth of participation in corporate governance has also been strengthened, and the research boom on the role and impact of institutional investors in corporate governance has been raised in various countries. As one of the most representative emerging markets, China's capital markets have gone through hundreds of years' journey in developed countries for more than ten years, which can be described as a rapid development. Rapid growth. Since 1998, China began to carry out the securities investment fund pilot, management departments to speed up the pace of training and development of institutional investors, relying on the sound fundamentals of China's economy. The rapid rise of institutional investors is not only reflected in the rapid expansion of the number and scale of institutional investors, but also in the maturity of the concept of institutional investors' investment management and the increasingly standardized investment behavior. Portfolio management is more active. This paper mainly studies the relationship between the behavior of institutional investors and stock price on the basis of previous studies. The purpose of this paper is to study the influence of institutional investor activism on shareholder wealth. The shareholder's wealth is directly reflected by the stock price of the company in the circulating market. On the basis of introducing what is institutional investor activism and the related theoretical and empirical research of institutional investor and stock price. This paper analyzes the problem of corporate governance in the stock market of our country with the method of short-term event research. How does institutional investor activism affect the stock price of the company? after collecting and analyzing a large number of data and using SPSS software for a simple analysis the conclusion is reached. That is, for those companies issued by China Securities Regulatory Commission administrative penalties, institutional investor activism has a negative impact on stock prices, that is, shareholders will have a negative impact on wealth. And the more reasons that cause punishment to be issued, the greater the impact.
【學(xué)位授予單位】：貴州財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

【引證文獻(xiàn)】

相關(guān)博士學(xué)位論文 前4條

1 李靜;機(jī)構(gòu)投資者參與公司治理的理論與實(shí)證研究[D];華中科技大學(xué);2010年

2 范立強(qiáng);機(jī)構(gòu)投資者行為研究[D];華東師范大學(xué);2007年

3 翁洪波;中國上市公司機(jī)構(gòu)投資者的股東積極主義行為研究[D];廈門大學(xué);2008年

4 周可峰;機(jī)構(gòu)投資者行為對股票價(jià)格及其波動(dòng)性影響的實(shí)證研究[D];中南大學(xué);2009年

本文編號：1484261