本文關(guān)鍵詞：中國機(jī)構(gòu)投資者對公司價(jià)值影響的實(shí)證研究　出處：《復(fù)旦大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 機(jī)構(gòu)投資者 公司價(jià)值 兩階段最小二乘法

【摘要】：在監(jiān)管當(dāng)局于2001年提出“超常規(guī)發(fā)展機(jī)構(gòu)投資者”口號后的十余年間,機(jī)構(gòu)投資者保持著發(fā)展壯大的態(tài)勢,其在市場上的持股占比不斷增長,市場力量也越來越強(qiáng)。與此同時(shí),國內(nèi)金融市場也處在不斷完善的進(jìn)程中,因此在內(nèi)外部兩個因素的共同作用下,機(jī)構(gòu)投資者對于公司價(jià)值的影響程度也隨之被放大。全文通過理論分析和實(shí)證檢驗(yàn)來探討機(jī)構(gòu)投資者持股對于公司價(jià)值的影響作用。本文首先整理機(jī)構(gòu)投投資者與公司治理和公司價(jià)值相關(guān)的國內(nèi)外文獻(xiàn),并對機(jī)構(gòu)投資者參與公司治理的動因以及對于公司價(jià)值的提升作用進(jìn)行了分析整理,隨后基于A股上市公司的數(shù)據(jù),采用多元回歸的方法進(jìn)行了實(shí)證檢驗(yàn)�；貧w結(jié)果表明,機(jī)構(gòu)投資者的持股參與能有效降低公司代理成本,并提高上市公司價(jià)值。本文還采用了兩階段最小二乘法,在消除內(nèi)生性問題后,進(jìn)一步研究機(jī)構(gòu)投資者持股如何影響公司價(jià)值。我們發(fā)現(xiàn),“用手投票”和“用腳投票”兩種效應(yīng)并存,即機(jī)構(gòu)投資者傾向于投資市場業(yè)績表現(xiàn)好的公司,并且在隨后的投資階段,起到提升公司價(jià)值的作用。本文更進(jìn)一步選取了持股期限這一個視角,把機(jī)構(gòu)投資者分為長期和短期兩種群體,實(shí)證結(jié)果顯示,相比于短期機(jī)構(gòu)投資者,長期機(jī)構(gòu)投資者持股與公司價(jià)值提升的相關(guān)性更高。并且不同類型的機(jī)構(gòu)投資者對于公司價(jià)值提升的影響程度存在巨大差別,其中以基金與公司價(jià)值之間的正相關(guān)關(guān)系最為顯著。最后,結(jié)合上述理論分析和實(shí)證檢驗(yàn),我們認(rèn)為目前國內(nèi)機(jī)構(gòu)投資者仍處于初步發(fā)展階段,機(jī)構(gòu)投資者參與公司治理的程度不高,因此對于公司價(jià)值的提升作用也都比較有限。建議全面協(xié)調(diào)發(fā)展機(jī)構(gòu)投資者,并在此基礎(chǔ)上,推進(jìn)不同類型機(jī)構(gòu)投資者之間的聯(lián)合行動。
[Abstract]:The regulatory authorities put forward the "extraordinary development of institutional investors" slogan in 2001 after more than ten years, institutional investors maintain a growth trend in the market, the shareholding proportion is growing, the market power is more and more strong. At the same time, the domestic financial market is in the process of continuous improvement, therefore in the common role two internal and external factors under the influence of institutional investors on the value of the company will be enlarged. The paper through theoretical analysis and empirical test to investigate the impact of institutional investors on the value of the company. This paper first finishing mechanism investor and corporate governance and corporate value of related literature at home and abroad, and the motivation of institutional investors participate in corporate governance and to enhance the value of the company was analyzed, then the A shares of listed companies based on the data, using multiple regression The method of the empirical test. The regression results show that the holdings of institutional investors participation can effectively reduce agency cost, and increase the value of listed companies. This paper also uses two stage least squares method in nature eliminating after further study of institutional investors holding shares how to affect the value of the company. We found that the "vote" and the "vote by foot" two effects coexist, namely institutional investors tend to invest in the market performance of a good company, and in the subsequent stages of the investment, to enhance the company value. This paper further selects the perspective of the institutional investors holding period, divided into short-term and long-term two groups, positive the results show that, compared to the short-term institutional investors, long-term relationship between institutional investors and corporate value is higher. And the different types of institutional investors on corporate value There is a huge difference between the value of influence degree of ascension, which is a positive correlation between the fund and the company value is the most significant. Finally, combining the above theoretical analysis and empirical test, we believe that the current domestic institutional investors are still in the preliminary stage of development, institutional investors are not high degree of participation in corporate governance, thus to enhance the role of the value of the company is are relatively limited. Suggestions for comprehensive and coordinated development of institutional investors, and on this basis, to promote joint action between different types of institutional investors.

【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F271;F832.51

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本文編號：1381098