【摘要】：機構(gòu)投資者并不同于“用腳投票”的個人投資者,能夠?qū)镜慕?jīng)營管理進行監(jiān)督,有效地防止董事會和經(jīng)理層侵占中小股東的利益,能夠更好地實現(xiàn)公司價值和長期發(fā)展。但是在以往的分析研究中往往將機構(gòu)投資者作為一個整體進行分析,忽視了機構(gòu)投資者異質(zhì)性的存在,這對于機構(gòu)投資者的研究是不全面、不準確的。在對于機構(gòu)投資者的異質(zhì)性所產(chǎn)生的異質(zhì)機構(gòu)投資者的研究中,一般以機構(gòu)投資者與被投資公司之間是否存在直接或間接的業(yè)務(wù)往來為視角,將異質(zhì)機構(gòu)投資者劃分為“壓力敏感型”機構(gòu)投資者和“壓力抑制型”機構(gòu)投資者,分別分析這兩類異質(zhì)機構(gòu)投資者在公司治理中發(fā)揮的不同作用,進而對財務(wù)績效所產(chǎn)生的不同影響。本文首先介紹了研究背景和研究意義,梳理了國內(nèi)外文獻和相關(guān)理論基礎(chǔ)。第二章介紹異質(zhì)機構(gòu)投資者含義、分類和特點,同時闡述財務(wù)績效的含義、評價體系和影響因素。第三章將異質(zhì)機構(gòu)投資者對財務(wù)績效的影響進行了理論分析,分別從理論層面將異質(zhì)機構(gòu)投資者對財務(wù)績效產(chǎn)生的不同作用進行探討,并考慮區(qū)位因素對異質(zhì)機構(gòu)投資者影響財務(wù)績效的作用效果,分別討論不同地區(qū)的異質(zhì)機構(gòu)投資者對財務(wù)績效的影響。第四章,選取2011-2015年全部A股上市公司的財務(wù)數(shù)據(jù)為樣本,以異質(zhì)機構(gòu)投資者持股比例之和為自變量,財務(wù)績效指標為因變量,設(shè)計模型并進行描述性統(tǒng)計,通過回歸模型對異質(zhì)機構(gòu)投資者持股比例之和與財務(wù)績效指標進行實證分析,研究異質(zhì)機構(gòu)投資者與上市公司財務(wù)績效之間的關(guān)系,最后文章對實證結(jié)果提出意見與不足并得出結(jié)論。通過本文研究,更加全面的從理論上和實踐上對異質(zhì)機構(gòu)投資者進行分析,為異質(zhì)機構(gòu)投資者更好的提高公司財務(wù)績效做出貢獻。
[Abstract]:Unlike individual investors who vote with their feet, institutional investors can supervise the management of the company, effectively prevent the board of directors and managers from encroaching on the interests of the minority shareholders, and can better realize the value and long-term development of the company. However, institutional investors as a whole are often analyzed in the past, which ignores the heterogeneity of institutional investors, which is not comprehensive and accurate for institutional investors. In the research of the heterogeneity of institutional investors, whether there are direct or indirect business transactions between institutional investors and invested companies is generally taken as the perspective. The heterogeneous institutional investors are divided into "pressure-sensitive" institutional investors and "pressure-restrained" institutional investors, and the different roles of these two types of heterogeneous institutional investors in corporate governance are analyzed, respectively. And then on the financial performance of the different impact. This paper first introduces the research background and significance, combing the domestic and foreign literature and related theoretical basis. The second chapter introduces the meaning, classification and characteristics of heterogeneous institutional investors, as well as the meaning of financial performance, evaluation system and influencing factors. In the third chapter, the influence of heterogeneous institutional investors on financial performance is analyzed theoretically, and the different effects of heterogeneous institutional investors on financial performance are discussed respectively from the theoretical level. Considering the effect of location factors on financial performance of heterogeneous institutional investors, the effects of heterogeneous institutional investors in different regions on financial performance are discussed respectively. In chapter 4, the financial data of all A-share listed companies from 2011-2015 are selected as samples, taking the sum of shareholding ratio of heterogeneous institutional investors as independent variable and financial performance index as dependent variable, the model and descriptive statistics are designed and analyzed. Based on the regression model, the relationship between the financial performance of the heterogeneous institutional investors and the financial performance of listed companies is studied by empirical analysis of the sum of the shareholding ratio of the heterogeneous institutional investors and the financial performance indicators. Finally, the paper puts forward the opinion and deficiency of the empirical results and draws a conclusion. Through the research of this paper, the thesis makes a more comprehensive analysis of the heterogeneous institutional investors in theory and practice, so as to contribute to the better improvement of corporate financial performance of heterogeneous institutional investors.
【學(xué)位授予單位】：沈陽理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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