本文選題：證券投資基金　切入點(diǎn)：公司治理　出處：《西安電子科技大學(xué)》2013年碩士論文

【摘要】：以證券投資基金為代表的機(jī)構(gòu)投資者發(fā)展迅速，在資本市場中起到了越來越重要的作用，但是我國機(jī)構(gòu)投資者多以短期投資為主，使得其難以正常發(fā)揮影響公司治理的作用。本文正是從證券投資基金持股期限這個角度出發(fā)，把握其影響上市公司治理的內(nèi)在機(jī)理，選取578個上市公司樣本連續(xù)7個季度（2010年1季度至2011年3季度）中前十大流通股東的證券投資基金持股期限數(shù)據(jù)，經(jīng)過相關(guān)性分析和回歸檢驗，討論基金持股期限與上市公司績效的關(guān)系，完成證券投資基金持股期限與上市公司績效的實(shí)證研究，結(jié)果表明證券投資基金持股期限與上市公司績效存在顯著的正相關(guān)關(guān)系，并且在上市公司性質(zhì)和股權(quán)集中度的限制下，這種相關(guān)關(guān)系表現(xiàn)出明顯的差異性。 本文對證券投資基金參與上市公司治理進(jìn)行全面和深入的研究，旨在發(fā)現(xiàn)證券投資基金持股期限與公司治理之間的關(guān)系，從而更好發(fā)揮證券投資基金的穩(wěn)定作用，，以期對上市公司的治理結(jié)構(gòu)產(chǎn)生一定的積極影響，為基金行業(yè)的快速健康發(fā)展提供一些有意義的理論指導(dǎo)。
[Abstract]:The institutional investors, represented by securities investment funds, have developed rapidly and played a more and more important role in the capital market. However, the majority of institutional investors in our country mainly invest in the short term, which makes it difficult for them to play a normal role in influencing corporate governance.From the perspective of the stock holding period of the securities investment fund, this paper tries to grasp the internal mechanism of its influence on the governance of the listed company.The stock holding term data of the top 10 circulating shareholders of 578 listed companies for 7 consecutive quarters (from the first quarter of 2010 to the third quarter of 2011) were selected and analyzed by correlation analysis and regression test.This paper discusses the relationship between the duration of the fund holding and the performance of the listed company, and completes the empirical study of the duration of the stock holding of the securities investment fund and the performance of the listed company. The results show that there is a significant positive correlation between the duration of the stock holding of the fund and the performance of the listed company.And under the limitation of the nature of listed company and the degree of equity concentration, the correlation relationship shows obvious difference.This paper makes a comprehensive and in-depth study on the participation of securities investment funds in the governance of listed companies, in order to find out the relationship between the duration of securities investment funds' shareholding and corporate governance, so as to give better play to the stabilizing role of securities investment funds.In order to have a certain positive impact on the governance structure of listed companies and provide some meaningful theoretical guidance for the rapid and healthy development of the fund industry.
【學(xué)位授予單位】：西安電子科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

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