我国机构投资者持股对公司绩效的影响

《我国机构投资者持股对公司绩效的影响》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、指导小组成员名单姓名职称学校徐莉副教授复旦大学管理学院MaurizioDailocchio教授博科尼大学金融系■I■，二=■一lr～一_。二一I“_酬■．10㈡蕾Ⅶ。¨，㈡。FI【▲■-r『1一。VL■◆IContext／／／／I／／／／／／／-／／／／了／／／／／／b／／／／／／／7／／／／／8／／／／／／8／／／／／／2／／／／／／Abstract．⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯：⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯。．11乒宓耪要⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯

2、⋯⋯⋯⋯⋯⋯⋯⋯⋯4L1INTRODUCTION⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．．．⋯⋯⋯⋯⋯⋯⋯⋯⋯．．1l1．1DEFINITIONOFINSTITUTIONALINVESTORS⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．111．2DEVELOPMENTSTATUSINCHINESEMARKET⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯111．3BRIEFINTRODUCTIONOFTHETHESISSTRUCTURE⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．142LITERAT

3、UREREVIEW⋯⋯⋯⋯⋯⋯⋯．．⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．．162．1THEMOTIVATIONANDBARRIERFORINSTITUTIONALINVESTORSTOPARTICIPATEINCORPORATEGOVERNANCE⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯l82．2THECHARACTERISTICSOFSHAREHOLDINGSBYINSTITUTIONALINVESTORS⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．．252．3THEMEC

4、HANISMANDAPPROACHOFCORPORATEGOVERNANCEFORINSTITUTIONALINVESTORS．303HYPOTHESISDEVELOPMENTANDDATADESCRIPTION3．1HYPOTHESISDEVELOPMENT⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．．343．2DATADESCRIPTION⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯404TESTRESUI刀ANDANAIⅣSIS．5CoNCLUSIoN

5、ANDSUGGESTIoNS．REFERENCE⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯。562}{}；；j；o●■￡嚣l≯r_j’lI。IAbstractViewsontheeffectsofinterventionincorporategovernancebyinstitutionalinvestorsareargumentative：“negativesupervisionthesis”believesthatcompanyvalueiSnegativelyco

6、rrelatedtotheproportionofinstitutionalinvestor’Sshareholdingdueto“Conflictsofinterest”and“Strategicalliance”hypothesis．Ontheotherhand。manyarticlesandempiricalresearchpointoutthatinstitutionaIlnvestorscanactivelymonitorthegovernanceusing“votebyhand”strategyandplayani

7、mportantrole．Consistentwiththelatterview,thispaperexaminestheeffectsofinstitutionalownershipusingthreecorporatevalueindicators：TobinQ，Earningspershare(EPS)andFreeCashFlowtoEquity(FCFE)inChinesestockmarket．Theresultsuggeststhatincreasinginstitutionalownershipleadstos

8、ignificantlyhigherEPSandFCFE，indicatingthatinstitutionalinvestorsmayhaveexertedpositiveinfluenceoncorporategovernanceandthusimprovedcorpor