机构投资者对公司绩效地影响研究——基于中国上市公司基金持股地实证研究论文

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1、山东大学硕士学位论文由于数据可获得性的局限，本文只以证券投资基金作为机构投资者进行了实证研究，客观上缩小了机构投资者的范围，将众多的证券公司、信托公司以及数目庞大的私墓基金排除在外，可能低估了我国机构投资者参与公司治理的程度。关键词：机构投资者；基金持股比例；基金制衡度；公司绩效4山东大学硕士学位论文ABSTRACTTheinstitutionalinvestorsarepositiveforcetoimpactcorporategovernance．Chineseinstitutionalinvestorshavebeguntohaveanimpactoncorporategovernanc

2、eoflistedcompanies，andhasplayedaroleofimprovingthesituationofcorporategovernanceofChineselistedcompaniesandtheperformanceofcorporate．InviewofthefactthatthefundinvestmenthasanimportantpositioninChina’Sinstitutionalinvestors，thispaperownsstockstakethefundasrepresentative，takeChinesetobelistedasthesamp

3、le，tostudyrelationbetweeninstitutionalholdersandcompanyperformance．Thispaperscrutinizedtheinflunenceofinstitutionalinvestors’shareholdinguponthelistedcorporateperformacethroughdescriptivestatistics，independentsamplemeancomparison，regressionanalysis，stabilitytestingandothermethods，byusingallthelisted

4、companiesassamplethateithertheyhavefundshareholdersornot，earningspershareEPS，netreturnonequityROE，profitfromprincipaloperationsCPM，Tobin’SQandmarkettobookMBRasthedependentvariable，theproportionoffundshareholdingandpowerbalancewithfundshareholdingasindependentvariable，asset-liabilityratio，companyscal

5、eandcompany’Sgrowthabilityascontrolvariables．Oursampleencompassesa4-yearperiodfrom2004to2007，coveringacyclefromabearmarkettobullmarket．TheempiricalresultsshowthatthereisasignificantpositivecorrelationofcorporateperformanceandthepaneldataoffundsharehoidinginChineselistedcampanies．Itindicatesthatthefu

6、ndshareholdingisrelevanttotheefficiencyofcorporategovernanceasawhole．Inadditionthepowerbalancewithfundshareholdingandcorporateperformancevariablesarealsosignificantlycorrelated．Itmeansthatthelargertheproportionofinstitutionalholdingstothelargestshareholders，themoreactivelythatinstitutionalinvestorsp

7、articipatingincorporategovernance，thebettertheperformanceofcompanies，andthemoreobviousinstitutionalinvestors’positiverole．Institutionalinvestorsarenotonly5山东大学硕士学位论文第一章绪论第一节研究背景和意义近些年来，以西方国家为首，许多公司的股权