本文關(guān)鍵詞： 機(jī)構(gòu)投資者 公司治理 研發(fā)投入 實(shí)證研究　出處：《湖南大學(xué)》2012年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：隨著機(jī)構(gòu)投資者持股比例的上升、政府管制的放松與積極推動(dòng)，美、英等西方國(guó)家的機(jī)構(gòu)投資者逐漸放棄了過(guò)去消極的“用腳投票”方式，開(kāi)始采用積極的“用手投票”方式。這種股東積極主義的興起引起了國(guó)內(nèi)外學(xué)者的廣泛關(guān)注。同時(shí)，研發(fā)活動(dòng)不僅是企業(yè)生存和發(fā)展的動(dòng)力，還是投資者預(yù)測(cè)企業(yè)發(fā)展前景的重要因素。因此，研發(fā)投入將成為機(jī)構(gòu)投資者關(guān)注的話題。 基于上述背景，本文立足股東積極主義理論和委托代理理論，對(duì)機(jī)構(gòu)投資者行使積極權(quán)力進(jìn)行了探索，緊接著從動(dòng)因分析和影響方式兩個(gè)方面分析了機(jī)構(gòu)投資者參與公司治理影響研發(fā)投入的必然性，最后進(jìn)一步探討了研發(fā)投入對(duì)機(jī)構(gòu)投資者持股的影響。在實(shí)證檢驗(yàn)的部分，本文選取2007-2010年深市有機(jī)構(gòu)投資者持股的A股上市公司為樣本，分別以機(jī)構(gòu)投資者整體持股比例、不同類(lèi)型的機(jī)構(gòu)投資者持股比例和研發(fā)強(qiáng)度作為解釋變量，，考察機(jī)構(gòu)投資者與上市公司研發(fā)投入的關(guān)系。研究發(fā)現(xiàn)，總體來(lái)說(shuō)，我國(guó)的機(jī)構(gòu)投資者能促使上市公司加大研發(fā)投入力度，但不同類(lèi)型的機(jī)構(gòu)投資者對(duì)上市公司研發(fā)投入的影響不同，同時(shí)，上市公司加大研發(fā)投入會(huì)吸引部分機(jī)構(gòu)投資者增持股份。這說(shuō)明我國(guó)機(jī)構(gòu)投資者的發(fā)展尚不均衡，仍需要不斷改革與完善。 最后，根據(jù)本文的研究結(jié)論，建議我國(guó)應(yīng)大力發(fā)展機(jī)構(gòu)投資者，優(yōu)化機(jī)構(gòu)投資者結(jié)構(gòu)；適當(dāng)放寬或解除機(jī)構(gòu)投資者參與公司治理的相關(guān)法律法規(guī)；加大上市公司的研發(fā)投資力度，使上市公司和機(jī)構(gòu)投資者實(shí)現(xiàn)雙贏。
[Abstract]:With the rise of institutional investors' shareholding ratio and the relaxation and active promotion of government regulation, institutional investors in the United States, Britain and other western countries have gradually abandoned the past passive "voting with their feet" method. This kind of shareholder activism has aroused the widespread concern of scholars both at home and abroad. At the same time, R & D activities are not only the motive force for the survival and development of enterprises. Therefore, R & D investment will become a topic of concern to institutional investors. Based on the above background, based on the shareholder activism theory and principal-agent theory, this paper explores the positive power of institutional investors. Then it analyzes the inevitability of institutional investors' participation in corporate governance to influence R & D investment from two aspects: motivation analysis and influence mode. Finally, it further discusses the impact of R & D investment on institutional investors' shareholding. In the part of empirical test, this paper selects A-share listed companies with institutional investors' holdings in Shenzhen from 2007-2010 as a sample. The relationship between institutional investors and R & D investment of listed companies is investigated by using institutional investors' overall shareholding ratio, different types of institutional investors' shareholding ratio and R & D intensity as explanatory variables. In general, the institutional investors in China can urge listed companies to increase R & D investment, but different types of institutional investors have different effects on R & D investment of listed companies, at the same time. Increasing R & D investment by listed companies will attract some institutional investors to hold more shares, which indicates that the development of institutional investors in China is not balanced, and it still needs to be reformed and perfected. Finally, according to the conclusion of this paper, it is suggested that China should develop institutional investors and optimize the structure of institutional investors. Appropriate relaxation or release of institutional investors to participate in corporate governance related laws and regulations; Increase the R & D investment of listed companies, so that listed companies and institutional investors to achieve win-win.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F275;F832.51;F224

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