本文關(guān)鍵詞：機(jī)構(gòu)投資者異質(zhì)性與企業(yè)投資效率的關(guān)系研究　出處：《華南理工大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：投資活動是企業(yè)財務(wù)管理的核心，是企業(yè)價值創(chuàng)造的直接動因，高效的投資政策能使企業(yè)獲得更高的利潤，創(chuàng)造更多的價值。然而由于委托代理問題和信息不對稱問題，我國上市公司中普遍存在過度投資或投資不足的非效率投資現(xiàn)象。如何有效抑制非效率投資成為學(xué)術(shù)界和實務(wù)界長期關(guān)注的重要議題。西方成熟資本市場中，機(jī)構(gòu)投資者是股票市場中最重要的參與者，并開始實現(xiàn)向積極股東的轉(zhuǎn)變，在改善公司治理結(jié)構(gòu)、抑制非效率投資等方面的作用日益凸顯。而隨著我國經(jīng)濟(jì)的發(fā)展，機(jī)構(gòu)投資者也逐漸成為我國證券市場中的重要力量，其對股票市場影響也越來越大，其也經(jīng)歷著由消極主義向積極主義轉(zhuǎn)變的過渡期。但不同的機(jī)構(gòu)投資者之間存在諸多重要差異，其特征和性質(zhì)影響著其參與上市公司治理的能力和意愿，從而可能導(dǎo)致其對公司投資決策有不同的影響。研究在過渡期機(jī)構(gòu)投資者是否積極參與了公司以及機(jī)構(gòu)投資者異質(zhì)性與投資效率的關(guān)系是具有理論和現(xiàn)實意義的。 本文從機(jī)理分析和實證檢驗兩方面研究機(jī)構(gòu)投資者對企業(yè)投資效率的影響。在實證方面以2011年—2012年A股制造業(yè)企業(yè)為研究對象，從兩個維度對機(jī)構(gòu)投資者進(jìn)行分類，分別進(jìn)行實證檢驗，研究結(jié)果表明：機(jī)構(gòu)投資者整體持股比例和企業(yè)投資效率顯著正相關(guān)；壓力抵制型和壓力敏感型機(jī)構(gòu)投資者持股比例與企業(yè)投資效率均顯著正相關(guān)；潛在的積極機(jī)構(gòu)投資者的并沒有履行積極股東角色，不是真正意義上的積極機(jī)構(gòu)投資者，而是消極地采取“用腳投票”的投資策略，并沒有積極參與到公司治理中，起到抑制非效率投資的作用。綜上所述，機(jī)構(gòu)投資者持股比例與企業(yè)投資效率的顯著正相關(guān)關(guān)系只是機(jī)構(gòu)投資者選擇質(zhì)地較好的上市公司的結(jié)果。 針對以上的結(jié)論，本文提出了促進(jìn)機(jī)構(gòu)投資者向積極股東轉(zhuǎn)變的幾點(diǎn)建議：一是強(qiáng)化市場基礎(chǔ)性建設(shè)，為機(jī)構(gòu)投資者隊伍持續(xù)發(fā)展壯大創(chuàng)造有利的環(huán)境。二是推動各類機(jī)構(gòu)投資者協(xié)調(diào)發(fā)展，，進(jìn)一步增強(qiáng)專業(yè)投資機(jī)構(gòu)穩(wěn)定市場的作用。三是加強(qiáng)對機(jī)構(gòu)投資者的監(jiān)督力度，并完善專業(yè)機(jī)構(gòu)的自身治理機(jī)制。
[Abstract]:Investment activity is the core of enterprise financial management and the direct cause of enterprise value creation. Efficient investment policy can make enterprises obtain higher profits. Create more value. However, due to the principal-agent problem and information asymmetry problem. The phenomenon of over-investment or under-investment is common in listed companies in China. How to effectively restrain the inefficient investment has become an important issue in the academic and practical circles for a long time. Western mature capital markets. Institutional investors are the most important participants in the stock market and begin to realize the transition to active shareholders in improving the corporate governance structure. With the development of China's economy, institutional investors have gradually become an important force in China's securities market, which has a growing impact on the stock market. However, there are many important differences between different institutional investors, whose characteristics and nature affect their ability and willingness to participate in the governance of listed companies. This may lead to different impacts on the investment decision of the company. It is of theoretical and practical significance to study whether institutional investors actively participate in the company and the relationship between heterogeneity of institutional investors and investment efficiency in the transitional period. . This paper studies the impact of institutional investors on the investment efficiency of enterprises from two aspects: mechanism analysis and empirical test. In the empirical aspect, A share manufacturing enterprises from 2011 to 2012 are taken as the object of study. This paper classifies institutional investors from two dimensions and makes empirical tests respectively. The results show that: the overall shareholding ratio of institutional investors is significantly positively correlated with the investment efficiency of enterprises; The proportion of stock holding of pressure-resistant and pressure-sensitive institutional investors is significantly positively correlated with the investment efficiency of enterprises. The potential active institutional investors do not fulfill the role of active shareholders, not the real positive institutional investors, but passively adopt the "vote with the foot" investment strategy. And did not actively participate in corporate governance, play a role in restraining inefficient investment. To sum up. The significant positive correlation between the shareholding ratio of institutional investors and the investment efficiency of enterprises is only the result of institutional investors choosing better listed companies. In view of the above conclusions, this paper puts forward several suggestions to promote the transformation of institutional investors to active shareholders: first, to strengthen the basic construction of the market. We will create a favorable environment for the sustained development and growth of the contingent of institutional investors. Second, we will promote the coordinated development of all types of institutional investors. Third, we should strengthen the supervision of institutional investors and improve their own governance mechanism.
【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F406.72;F425;F832.51

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