【摘要】：在全球資本市場(chǎng)中，機(jī)構(gòu)投資者占據(jù)越來越重要的地位。從上世紀(jì)90年代開始，機(jī)構(gòu)投資者在英、美等資本市場(chǎng)相對(duì)比較成熟的國(guó)家就已經(jīng)發(fā)揮著主導(dǎo)作用，積極參與公司治理。我國(guó)自1997年對(duì)機(jī)構(gòu)投資者敞開大門以來，機(jī)構(gòu)投資者伴隨股票市場(chǎng)的發(fā)展也逐步壯大起來，機(jī)構(gòu)投資者已經(jīng)成為我國(guó)金融市場(chǎng)的主體。 本文擬基于機(jī)構(gòu)投資者與公司治理、與財(cái)務(wù)績(jī)效理論，借鑒國(guó)外對(duì)機(jī)構(gòu)投資者的研究方法，圍繞我國(guó)資本市場(chǎng)上的機(jī)構(gòu)投資者與上市公司財(cái)務(wù)績(jī)效這一主題展開實(shí)證分析。通過檢驗(yàn)機(jī)構(gòu)投資者與上市公司財(cái)務(wù)績(jī)效的關(guān)系，來判斷我國(guó)機(jī)構(gòu)投資者是否已具備“價(jià)值發(fā)現(xiàn)者”的條件，機(jī)構(gòu)投資者的存在對(duì)上市公司財(cái)務(wù)績(jī)效究竟有沒有影響，同時(shí)不同類型的機(jī)構(gòu)投資者對(duì)上市公司的作用機(jī)制是怎樣的。 通過實(shí)證研究，發(fā)現(xiàn)我國(guó)機(jī)構(gòu)投資者并未扮演好其“價(jià)值發(fā)現(xiàn)者”的角色，對(duì)上市公司財(cái)務(wù)績(jī)效的改善能力也存在局限性。但是，不同類型的機(jī)構(gòu)投資者對(duì)上市公司的財(cái)務(wù)績(jī)效的作用是不同的，其中證券投資基金在我國(guó)資本市場(chǎng)中占據(jù)主導(dǎo)地位。這主要是由于我國(guó)資本市場(chǎng)不夠完善，機(jī)構(gòu)投資者在選擇適當(dāng)有利的投資對(duì)象時(shí)受到諸多不利因素的限制，同時(shí)在實(shí)際參與上市公司治理時(shí)，機(jī)構(gòu)投資者能夠產(chǎn)生的積極影響可能有限。另外，盈余管理的存在也可能導(dǎo)致我國(guó)機(jī)構(gòu)投資者的持股比例之和與上市公司財(cái)務(wù)績(jī)效之間的相關(guān)關(guān)系不顯著。 最后，根據(jù)實(shí)證結(jié)論，獲取兩點(diǎn)啟示：一是我國(guó)機(jī)構(gòu)投資者尚未發(fā)揮其“價(jià)值發(fā)現(xiàn)”和“價(jià)值創(chuàng)造”功能，二是不同類型機(jī)構(gòu)投資者對(duì)上市公司以及資本市場(chǎng)的影響不同。同時(shí)，，提出應(yīng)當(dāng)完善我國(guó)資本市場(chǎng)建設(shè)、規(guī)范上市公司的行為、加強(qiáng)上市公司盈余管理、健康發(fā)展我國(guó)機(jī)構(gòu)投資者并積極引導(dǎo)機(jī)構(gòu)投資者參與上市公司治理。
[Abstract]:In the global capital market, institutional investors play an increasingly important role. Since the 1990s, institutional investors have played a leading role in corporate governance in countries with relatively mature capital markets such as the United Kingdom and the United States. Since our country opened the door to the institutional investors in 1997, the institutional investors have gradually strengthened with the development of the stock market, and institutional investors have become the main body of the financial market in our country. Based on the theory of institutional investor and corporate governance and financial performance, this paper intends to make an empirical analysis on the subject of financial performance of institutional investors and listed companies in China's capital market by referring to the research methods of institutional investors in foreign countries. By examining the relationship between institutional investors and the financial performance of listed companies, we can judge whether the institutional investors have the conditions of "value discoverers", and whether the existence of institutional investors has any influence on the financial performance of listed companies. At the same time, different types of institutional investors on the listed companies how the role of the mechanism. Through the empirical research, it is found that the institutional investors in our country have not played the role of "value discoverer", and the ability to improve the financial performance of listed companies is also limited. However, different types of institutional investors play different roles in the financial performance of listed companies, in which the securities investment funds play a dominant role in the capital market of our country. This is mainly due to the fact that the capital market of our country is not perfect enough, institutional investors are restricted by many unfavorable factors when they choose suitable and favorable investment objects, and at the same time, when they actually participate in the governance of listed companies, The positive impact that institutional investors can have may be limited. In addition, the existence of earnings management may lead to the lack of significant correlation between the sum of the shareholdings of institutional investors and the financial performance of listed companies. Finally, according to the empirical conclusions, two enlightenments are obtained: first, the institutional investors in China have not yet played their "value discovery" and "value creation" functions, and the other is the different types of institutional investors have different influences on listed companies and capital markets. At the same time, we should perfect the construction of our country's capital market, standardize the behavior of listed companies, strengthen the earnings management of listed companies, develop our institutional investors healthily and actively guide institutional investors to participate in the governance of listed companies.
【學(xué)位授予單位】：中南民族大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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