机构投资者持股对我国上市公司绩效的影响分析

机构投资者持股对我国上市公司绩效的影响分析

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1、IIABSTRACTTheinstitutionalinvestorsofwesterndevelopedcountriesbeganboominginthe1980s,affirmingtheroleofinstitutionalinvestors,Chinaputforwardthestrategyof"extraordinarydevelopmentofinstitutionalinvestors"in2001.Alongwiththegroupofinstitutionalinvestors,theyhavebeenbe

2、comingtheimportantpowerinthesecuritiesmarket.Atthesametime,withthehigherandhigherproportionofstockshare,institutionalinvestorshaveabandonedthepastpassivenegativeideology,andbegantoperformactivelyparticipatingincorporategovernancetoachievethelong-termbenefits-whichisc

3、alled“shareholderactivism”.Butwhetherinstitutionalinvestorscanactuallyparticipatingincorporategovernance,andthenaffectcorporateperformanceandtheirownbenefits,andtheeffectispositiveornegative,thesehasbeenacontroversialissueathomeandabroadinrecentyears.Inthispaper,Ihav

4、estudiedtheimpactontheperformanceandinfluencemechanismoflistedcompaniesinourcountrybyinstitutionalinvestorsthroughstandardizeresearchandempiricalresearchmethodsystematically.Thisarticlefirstreviewstheresearchachievementsofscholarsathomeandabroad,andthenthroughfurther

5、theoreticalresearchisimplementedtoexploreitsfunctionmechanism-agencycost.Butconsideringthedifferencebetweendifferentcategoriesofinstitutionalinvestors,theycouldbedividedintoindependentinstitutionalinvestorsanddependentinstitutionalinvestors,andthenempiricalresearchth

6、eimpactofthesetwotypesofinstitutionalinvestorsoncorporateperformanceresultsandtheinfluencemechanismofthedifference.Theempiricalresultsshowthatthewholeinstitutionalinvestorshaveapositiveeffecttothepromotionofcorporateperformance,thehighertheinstitutionalinvestorshareh

7、olding,themoreyouplaytheroleofshareholderstoparticipateincorporategovernanceactively,throughreducingtheagencycosttoimprovecorporateperformance.Independentinvestorscansignificantlyimprovethecorporateperformanceandreduceagencycost,ratherthanindependentinstitutionalinve

8、storsareunabletoeffectivelyparticipateincorporategovernance.KEYWORDS:institutionalinvestorscorporationperformanceagencycostheteroge

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