發(fā)布時(shí)間：2018-06-05 02:01

  本文選題：機(jī)構(gòu)投資者 + 異質(zhì)性��； 參考：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：機(jī)構(gòu)投資者在國(guó)內(nèi)外的迅猛發(fā)展,使其成為了證券市場(chǎng)上的一股重要力量。在西方發(fā)達(dá)國(guó)家,機(jī)構(gòu)投資者已經(jīng)成為了市場(chǎng)上的主要參與者；在我國(guó),機(jī)構(gòu)投資者起步較晚,但是發(fā)展迅速。受益于2000年證監(jiān)會(huì)提出的超常規(guī)發(fā)展機(jī)構(gòu)投資者的戰(zhàn)略,我國(guó)機(jī)構(gòu)投資者獲得了良好的外部環(huán)境,總體規(guī)模迅速擴(kuò)大,并呈現(xiàn)出證券投資基金、QFII、證券公司、保險(xiǎn)公司和社�；鸬炔⒋娴亩嘣l(fā)展局面。2005年開始的股權(quán)分置改革,又給我國(guó)機(jī)構(gòu)投資者提供了良好的機(jī)遇,我國(guó)機(jī)構(gòu)投資者進(jìn)一步發(fā)展壯大。 隨著機(jī)構(gòu)投資者影響的日漸顯現(xiàn),國(guó)內(nèi)外學(xué)者對(duì)機(jī)構(gòu)投資者都投以了極大的關(guān)注,進(jìn)行了較多的研究。與個(gè)人投資者相比,由于具備資金、信息和股權(quán)地位等多方面的優(yōu)勢(shì),機(jī)構(gòu)投資者被普遍認(rèn)為在選擇上市公司時(shí)能夠發(fā)揮專業(yè)優(yōu)勢(shì),具有較好的甄別能力,善于發(fā)現(xiàn)好的上市公司,是價(jià)值發(fā)現(xiàn)者；對(duì)上市公司進(jìn)行持股后,機(jī)構(gòu)投資者在監(jiān)督公司管理層行為、約束公司控股股東權(quán)利、改善公司治理從而提高公司績(jī)效方面也被寄予了厚望,應(yīng)該具有價(jià)值創(chuàng)造功能。 然而對(duì)于機(jī)構(gòu)投資者的價(jià)值發(fā)現(xiàn)和價(jià)值創(chuàng)造功能,國(guó)內(nèi)外學(xué)者卻在研究結(jié)論上觀點(diǎn)不一。有學(xué)者認(rèn)為機(jī)構(gòu)投資者持有上市公司股份是為了獲取短期經(jīng)濟(jì)利益,偏好于持有治理水平好,公司績(jī)效高的公司,即機(jī)構(gòu)投資者持有的上市公司績(jī)效表現(xiàn)好是因?yàn)闄C(jī)構(gòu)投資者在持股時(shí)就有所選擇,而不是因?yàn)闄C(jī)構(gòu)投資者參與了公司治理而提高了公司績(jī)效,機(jī)構(gòu)投資者僅僅是價(jià)值發(fā)現(xiàn)者,還不是價(jià)值創(chuàng)造者；而有學(xué)者就認(rèn)為機(jī)構(gòu)投資者出于對(duì)自身利益的保護(hù)會(huì)通過約束管理層行為和限制控股股東權(quán)利等手段參與公司治理,提高公司績(jī)效,具有價(jià)值創(chuàng)造功能,是價(jià)值創(chuàng)造者。此外,國(guó)內(nèi)外學(xué)者通常傾向于將機(jī)構(gòu)投資者作為一個(gè)整體考慮,這掩蓋了機(jī)構(gòu)投資者之間的異質(zhì)性,不能區(qū)別不同類型機(jī)構(gòu)投資者與公司績(jī)效之間的關(guān)系。再者,學(xué)者對(duì)于機(jī)構(gòu)投資者股權(quán)制衡與公司績(jī)效的關(guān)系研究也較少。本文就希望通過研究揭示現(xiàn)階段我國(guó)機(jī)構(gòu)投資者到底是價(jià)值創(chuàng)造者還是價(jià)值發(fā)現(xiàn)者或者兩者皆是,明確不同類型機(jī)構(gòu)投資者的不同效力,并客觀反映機(jī)構(gòu)投資者股權(quán)制衡對(duì)上市公司績(jī)效的作用,以期豐富和完善機(jī)構(gòu)投資者與公司績(jī)效關(guān)系的研究,并為我國(guó)機(jī)構(gòu)投資者合理引導(dǎo)政策的制定提供經(jīng)驗(yàn)依據(jù)。 在文章結(jié)構(gòu)上,本文共分為六章,具體安排如下： 第一章,導(dǎo)論。本章主要闡述本文的選題背景和選題意義,然后提出了本文的研究思路以及研究框架,并提出本文的研究貢獻(xiàn)和不足。 第二章,文獻(xiàn)綜述。本章梳理與本文主題相關(guān)的中外文獻(xiàn),主要從機(jī)構(gòu)投資者持股偏好、機(jī)構(gòu)投資者持股對(duì)公司績(jī)效的作用和機(jī)構(gòu)投資者股權(quán)制衡對(duì)公司績(jī)效作用方面進(jìn)行了總結(jié),客觀反映中外學(xué)界對(duì)于研究主題的前沿理論,最后對(duì)文獻(xiàn)進(jìn)行了評(píng)價(jià)。 第三章,相關(guān)理論分析。本章主要進(jìn)行了機(jī)構(gòu)投資者影響公司績(jī)效的理論分析,闡述了包括兩權(quán)分離理論、委托代理理論和利益相關(guān)者理論,打好本文的理論基礎(chǔ)。 第四章,我國(guó)機(jī)構(gòu)投資者發(fā)展歷程和異質(zhì)性。本章梳理了我國(guó)不同類型機(jī)構(gòu)投資者在中國(guó)的發(fā)展歷程以及各自的制度約束。根據(jù)是否和上市公司存在業(yè)務(wù)關(guān)系而表現(xiàn)出的壓力敏感性,本文將機(jī)構(gòu)投資者劃分為“壓力抵制型”和“壓力敏感型”,以反映不同類型機(jī)構(gòu)投資者所存在的異質(zhì)性。 第五章,實(shí)證檢驗(yàn)。本章根據(jù)研究的主題,對(duì)機(jī)構(gòu)投資者持股和機(jī)構(gòu)投資者股權(quán)制衡與公司績(jī)效的關(guān)系提出了相應(yīng)假設(shè),并區(qū)分了機(jī)構(gòu)投資者異質(zhì)性的影響,然后對(duì)研究假設(shè)進(jìn)行了實(shí)證檢驗(yàn)和分析,并進(jìn)行了穩(wěn)健性檢驗(yàn)。 第六章,研究結(jié)論和政策建議。根據(jù)本文的研究,得出了本文的主要研究結(jié)論,并根據(jù)研究結(jié)論相應(yīng)地提出了本文的政策建議。 本文選取了2007-2011年滬深兩市上市公司為樣本,通過建立聯(lián)立方程和運(yùn)用兩階段最小二乘法控制內(nèi)生性,實(shí)證檢驗(yàn)了機(jī)構(gòu)投資者持股與公司績(jī)效的關(guān)系,然后進(jìn)行細(xì)分,進(jìn)一步檢驗(yàn)了不同類型機(jī)構(gòu)投資者持股與公司績(jī)效的關(guān)系,最后對(duì)機(jī)構(gòu)投資者股權(quán)制衡與公司績(jī)效的關(guān)系進(jìn)行了驗(yàn)證,再通過穩(wěn)健性檢驗(yàn),得出以下結(jié)論： (1)機(jī)構(gòu)投資者總體上會(huì)對(duì)持股對(duì)象進(jìn)行選擇,傾向于選擇業(yè)績(jī)表現(xiàn)良好的上市公司進(jìn)行持股,具有價(jià)值發(fā)現(xiàn)的功能,是價(jià)值發(fā)現(xiàn)者；同時(shí)機(jī)構(gòu)投資者對(duì)上市公司進(jìn)行持股后也能對(duì)公司績(jī)效產(chǎn)生積極作用,有利于提高公司績(jī)效,也是價(jià)值創(chuàng)造者。 (2)證券投資基金和社�；鹪趯�(duì)上市公司持股時(shí),也青睞業(yè)績(jī)表現(xiàn)良好的企業(yè),具有價(jià)值發(fā)現(xiàn)的功能,是價(jià)值發(fā)現(xiàn)者；證券投資基金和社�；饘�(duì)公司持股后均能對(duì)上市公司績(jī)效產(chǎn)生積極作用,提高公司績(jī)效,均表現(xiàn)出價(jià)值創(chuàng)造功能,是價(jià)值創(chuàng)造者。 (3)證券公司、QFII和保險(xiǎn)公司在我國(guó)股市上均未發(fā)揮出價(jià)值發(fā)現(xiàn)的功能,不是價(jià)值發(fā)現(xiàn)者；同時(shí),證券公司、QFII和保險(xiǎn)公司在對(duì)上市公司進(jìn)行持股后,也未能很好的對(duì)公司績(jī)效產(chǎn)生積極作用,未表現(xiàn)出價(jià)值創(chuàng)造功能,目前還不是價(jià)值創(chuàng)造者。 (4)機(jī)構(gòu)投資者股權(quán)制衡與公司績(jī)效呈顯著正相關(guān)關(guān)系。機(jī)構(gòu)投資者在目前中國(guó)上市公司一股獨(dú)大的局面下,整體上能夠積極地參與公司治理,約束控股股東的權(quán)利和決策,發(fā)揮積極的作用,促使公司穩(wěn)定健康的發(fā)展,提高公司績(jī)效。 本文進(jìn)行了機(jī)構(gòu)投資者持股與公司績(jī)效關(guān)系的實(shí)證研究,主要有以下幾方面的研究貢獻(xiàn)：(1)區(qū)別于以前多數(shù)的研究,本文通過建立聯(lián)立方程,運(yùn)用兩階段最小二乘法控制內(nèi)生性,研究了機(jī)構(gòu)投資者總體及細(xì)分的持股與公司績(jī)效之間的關(guān)系,可以反映機(jī)構(gòu)投資者對(duì)上市公司的價(jià)值發(fā)現(xiàn)和價(jià)值創(chuàng)造功能；并區(qū)別了異質(zhì)性,能明晰不同類型機(jī)構(gòu)投資者對(duì)于上市公司的不同作用效力,豐富和完善機(jī)構(gòu)投資者與公司績(jī)效的研究。(2)研究了機(jī)構(gòu)投資者股權(quán)制衡與公司績(jī)效的關(guān)系,揭示了機(jī)構(gòu)投資者對(duì)公司大股東的股權(quán)制衡對(duì)公司績(jī)效的正面作用,對(duì)改善我國(guó)上市公司股權(quán)結(jié)構(gòu),具有重要的現(xiàn)實(shí)意義。(3)對(duì)于不同類型機(jī)構(gòu)投資者對(duì)于上市公司的不同作用效力的研究,還能為監(jiān)管部門規(guī)范和引導(dǎo)機(jī)構(gòu)投資者的發(fā)展提供理論依據(jù),尤其是對(duì)于不同類型的機(jī)構(gòu)投資者制定合理的政策法規(guī),引導(dǎo)我國(guó)機(jī)構(gòu)投資者良好有序的發(fā)展,保障我國(guó)超常規(guī)發(fā)展機(jī)構(gòu)投資者的規(guī)劃取得良好效果。
[Abstract]:The rapid development of institutional investors at home and abroad has made it an important force in the securities market. In western developed countries, institutional investors have become the main participants in the market. In our country, institutional investors started late, but developed rapidly. Benefited from the superconventional development institutional investors proposed by the SFC in 2000. China's institutional investors have obtained a good external environment, and the overall scale is rapidly expanding, and the stock investment fund, QFII, securities companies, insurance companies and social security funds, which have coexisting in the diversified development situation of.2005, have provided a good opportunity for our institutional investors. The investors are further developing.
With the increasingly apparent influence of institutional investors, scholars both at home and abroad have paid great attention to institutional investors and carried out more research. Compared with individual investors, institutional investors are generally recognized as being able to play professional advantages when choosing listed companies because of the advantages of funds, information and ownership status. Good screening ability and good discovery of good listed companies are value discoverers. After holding stock of listed companies, institutional investors are also expected to have value creation function in supervising corporate management behavior, restricting the rights of corporate controlling shareholders, improving corporate governance and improving corporate performance.
However, scholars at home and abroad have different views on the value discovery and value creation function of institutional investors. Some scholars believe that institutional investors hold shares in listed companies to gain short-term economic benefits, and prefer companies with good governance and high corporate performance, that is, the performance of listed companies held by institutional investors. The performance is good because institutional investors have a choice when they share the stock, not because institutional investors are involved in corporate governance to improve corporate performance. Institutional investors are only value discoverers and not value creators; and some scholars believe that institutional investors will restrict management out of the protection of their own interests. In addition, scholars at home and abroad are usually inclined to consider institutional investors as a whole, which covers the heterogeneity between institutional investors and can not distinguish between different types of institutional investors and companies. Furthermore, there are few studies on the relationship between institutional investors' equity balance and corporate performance. In this paper, we hope that the present stage of our institutional investors is the value creator or value discoverer or both, to clarify the different effectiveness of different types of institutional investors and to reflect objectively. The effect of the equity balance of institutional investors on the performance of the listed companies is expected to enrich and improve the research on the relationship between institutional investors and corporate performance, and provide empirical evidence for the rational guidance of institutional investors in China.
In the article structure, this article is divided into six chapters, and the specific arrangements are as follows:
The first chapter, introduction. This chapter mainly expounds the background and significance of this topic, and then puts forward the research ideas and research framework, and puts forward the contributions and shortcomings of this research.
The second chapter, literature review. This chapter combs the Chinese and foreign literature related to the theme of this article, mainly from the preference of institutional investors, the role of institutional investors' Shareholding on the performance of the company and the effect of institutional investors' equity balance on the performance of the company, objectively reflecting the frontier theories of the Chinese and foreign scholars on the subject of the study. The contribution was evaluated.
The third chapter, the relevant theoretical analysis. This chapter mainly carries out the theoretical analysis of institutional investors affecting the performance of the company, and expounds the theory of the two rights separation, the principal-agent theory and the stakeholder theory, so as to make a good theoretical foundation of this article.
The fourth chapter, the development process and heterogeneity of institutional investors in China. This chapter combs the development process of different types of institutional investors in China and their respective institutional constraints. According to the pressure sensitivity shown by the existence of business relations with listed companies, this article divides the institutional investors into "pressure resistance type" and "pressure". Sensitive "to reflect the heterogeneity of different types of institutional investors.
The fifth chapter, empirical test. According to the subject of the study, this chapter puts forward the corresponding hypothesis on the relationship between institutional investors' shareholding and institutional investors' equity balance and corporate performance, and distinguishes the influence of institutional investors' heterogeneity, and then carries out empirical test and Analysis on the research hypothesis, and carries out the robustness test.
The sixth chapter, research conclusions and policy recommendations. According to this study, we get the main conclusions of this paper, and put forward the policy suggestions according to the conclusions of the study.
In this paper, we select the listed companies in Shanghai and Shenzhen for 2007-2011 years as samples. By establishing a joint equation and using the two stage least square method to control the endogeneity, the relationship between institutional investors' stock ownership and corporate performance is tested, and then the relationship between the ownership of different types of institutional investors and the company performance is further examined. Finally, the relationship between the ownership of different types of investors and the company performance is further examined. The relationship between equity checks and balances and corporate performance of institutional investors is verified.
(1) the institutional investors will choose the stock holders in general, and tend to choose the listed companies with good performance to hold the stock, have the function of value discovery, and are value discoverers. At the same time, the institutional investors' shareholding can also play a positive role in the performance of the company, which is beneficial to the improvement of the company performance and the value of the company. A creator.
(2) the securities investment fund and the social security fund, when they hold the stock of the listed companies, also favor the enterprises with good performance, which have the function of value discovery, the value discoverer, and the securities investment fund and the social security fund all have a positive effect on the performance of the listed company after the stock holding and the performance of the company, and all show the function of value creation. It is the creator of the value.
(3) securities companies, QFII and insurance companies have not produced value discovery functions in China's stock markets, not value discoverers; at the same time, securities companies, QFII and insurance companies have not been able to have a positive effect on corporate performance after holding shares in listed companies, and have not shown value creation function. At present, it is not a value creation. A person.
(4) there is a significant positive correlation between institutional investors' equity balance and corporate performance. Institutional investors can actively participate in corporate governance, restrict the rights and decisions of controlling shareholders, play a positive role, and promote the company's stable and healthy development and improve the company performance.
This paper makes an empirical study on the relationship between institutional investors' shareholding and corporate performance. The main contributions are as follows: (1) it is distinguished from previous studies. By establishing a joint equation and using the two stage least square method to control the endogeneity, this paper studies the overall and subdivided shareholding of institutional investors and the performance of the company. The relationship can reflect the value discovery and value creation function of the institutional investors to the listed companies, and distinguish the heterogeneity, can clarify the different effects of different types of institutional investors to the listed companies, enrich and perfect the research of institutional investors and company performance. (2) study the equity balance and corporate performance of institutional investors. The relationship has revealed the positive effect of the institutional investors' equity balance on the major shareholders of the company and the performance of the company. It is of great practical significance to improve the stock ownership structure of the listed companies in China. (3) the research on the different effects of different types of institutional investors on the different roles of the listed companies can also regulate and guide the institutional investors for the regulatory authorities. The development provides a theoretical basis, especially for different types of institutional investors to formulate reasonable policies and regulations, to guide the good and orderly development of institutional investors in China, and to ensure that the planning of the ultra normal development institutional investors in our country has achieved good results.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.48

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