【摘要】：隨著近十年來不斷地發(fā)展壯大，現(xiàn)在我國機(jī)構(gòu)投資者對證券市場的影響很大，可以說是具有舉足輕重的地位。發(fā)生改變的不僅僅是機(jī)構(gòu)投資者的資產(chǎn)管理規(guī)模，我國證券市場經(jīng)過十多年的發(fā)展，同樣逐漸變得完善起來。在內(nèi)部條件和外部條件都有利于機(jī)構(gòu)投資者參與上市公司治理活動的情況下，機(jī)構(gòu)投資者在綜合考慮其參與公司治理的收益和成本之后很有可能會選擇成為積極股東。那么，我國機(jī)構(gòu)投資者對上市公司治理的影響究竟如何，，是否通過參與公司治理，提高了上市公司的績效？本文從我國作為潛在積極股東的機(jī)構(gòu)投資者角度出發(fā)，通過理論分析和實證檢驗來研究機(jī)構(gòu)投資者對上市公司治理情況的影響，為我國進(jìn)一步發(fā)展機(jī)構(gòu)投資者的實踐提供參考，希望能對于改善和規(guī)范目前我國機(jī)構(gòu)投資者發(fā)展現(xiàn)狀有所幫助。本文從對機(jī)構(gòu)投資者與公司治理的相關(guān)文獻(xiàn)和理論進(jìn)行綜述開始，分析了機(jī)構(gòu)投資者參與公司治理的動因和途徑，然后以滬深兩市A股上市公司的數(shù)據(jù)為基礎(chǔ)，運(yùn)用多元回歸的方法對我國機(jī)構(gòu)投資者持股與上市公司治理和績效的關(guān)系進(jìn)行了實證檢驗，通過分析得出我國機(jī)構(gòu)投資者參與上市公司治理能夠提高上市公司績效這一結(jié)論，但我國機(jī)構(gòu)投資者仍處于初步發(fā)展時期，對于公司治理的參與程度以及能夠發(fā)揮的作用都比較有限，建議全面協(xié)調(diào)發(fā)展機(jī)構(gòu)投資者，鼓勵機(jī)構(gòu)投資者采取聯(lián)合行動，并放松對于機(jī)構(gòu)投資者持股比例的限制。
[Abstract]:With the continuous development of the past ten years, the institutional investors in China have a great influence on the securities market, which can be said to have a pivotal position. It is not only the asset management scale of institutional investors that has changed, but also the improvement of China's securities market after more than a decade of development. When both internal and external conditions are favorable for institutional investors to participate in corporate governance activities, institutional investors may choose to become active shareholders after considering the benefits and costs of their participation in corporate governance. So, what is the impact of institutional investors on the governance of listed companies, and whether it improves the performance of listed companies by participating in corporate governance? From the perspective of institutional investors as potential active shareholders in China, this paper studies the influence of institutional investors on the governance of listed companies through theoretical analysis and empirical testing, and provides a reference for the further development of institutional investors in China. Hope to improve and standardize the current situation of institutional investors in China. This paper begins with a review of the literature and theories related to institutional investors and corporate governance, analyzes the causes and approaches for institutional investors to participate in corporate governance, and then takes the data of A-share listed companies in Shanghai and Shenzhen stock markets as the basis. By using the method of multiple regression, this paper makes an empirical test on the relationship between institutional investors' shareholding and corporate governance and performance of listed companies, and draws the conclusion that the participation of institutional investors in corporate governance can improve the performance of listed companies. However, China's institutional investors are still in the initial stage of development, and their participation in corporate governance and the role they can play are relatively limited. It is suggested that institutional investors be fully coordinated and developed to encourage institutional investors to take joint action. And to relax to the institutional investor shareholding proportion limit.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51;F224

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本文編號：2307026