机构投资者异质性、股权制衡与公司绩效

发布时间：2018-06-05 02:01

本文选题：机构投资者 + 异质性　；参考：《西南财经大学》2013年硕士论文

【摘要】：机构投资者在国内外的迅猛发展,使其成为了证券市场上的一股重要力量。在西方发达国家,机构投资者已经成为了市场上的主要参与者；在我国,机构投资者起步较晚,但是发展迅速。受益于2000年证监会提出的超常规发展机构投资者的战略,我国机构投资者获得了良好的外部环境,总体规模迅速扩大,并呈现出证券投资基金、QFII、证券公司、保险公司和社保基金等并存的多元化发展局面。2005年开始的股权分置改革,又给我国机构投资者提供了良好的机遇,我国机构投资者进一步发展壮大。随着机构投资者影响的日渐显现,国内外学者对机构投资者都投以了极大的关注,进行了较多的研究。与个人投资者相比,由于具备资金、信息和股权地位等多方面的优势,机构投资者被普遍认为在选择上市公司时能够发挥专业优势,具有较好的甄别能力,善于发现好的上市公司,是价值发现者；对上市公司进行持股后,机构投资者在监督公司管理层行为、约束公司控股股东权利、改善公司治理从而提高公司绩效方面也被寄予了厚望,应该具有价值创造功能。然而对于机构投资者的价值发现和价值创造功能,国内外学者却在研究结论上观点不一。有学者认为机构投资者持有上市公司股份是为了获取短期经济利益,偏好于持有治理水平好,公司绩效高的公司,即机构投资者持有的上市公司绩效表现好是因为机构投资者在持股时就有所选择,而不是因为机构投资者参与了公司治理而提高了公司绩效,机构投资者仅仅是价值发现者,还不是价值创造者；而有学者就认为机构投资者出于对自身利益的保护会通过约束管理层行为和限制控股股东权利等手段参与公司治理,提高公司绩效,具有价值创造功能,是价值创造者。此外,国内外学者通常倾向于将机构投资者作为一个整体考虑,这掩盖了机构投资者之间的异质性,不能区别不同类型机构投资者与公司绩效之间的关系。再者,学者对于机构投资者股权制衡与公司绩效的关系研究也较少。本文就希望通过研究揭示现阶段我国机构投资者到底是价值创造者还是价值发现者或者两者皆是,明确不同类型机构投资者的不同效力,并客观反映机构投资者股权制衡对上市公司绩效的作用,以期丰富和完善机构投资者与公司绩效关系的研究,并为我国机构投资者合理引导政策的制定提供经验依据。在文章结构上,本文共分为六章,具体安排如下：第一章,导论。本章主要阐述本文的选题背景和选题意义,然后提出了本文的研究思路以及研究框架,并提出本文的研究贡献和不足。第二章,文献综述。本章梳理与本文主题相关的中外文献,主要从机构投资者持股偏好、机构投资者持股对公司绩效的作用和机构投资者股权制衡对公司绩效作用方面进行了总结,客观反映中外学界对于研究主题的前沿理论,最后对文献进行了评价。第三章,相关理论分析。本章主要进行了机构投资者影响公司绩效的理论分析,阐述了包括两权分离理论、委托代理理论和利益相关者理论,打好本文的理论基础。第四章,我国机构投资者发展历程和异质性。本章梳理了我国不同类型机构投资者在中国的发展历程以及各自的制度约束。根据是否和上市公司存在业务关系而表现出的压力敏感性,本文将机构投资者划分为“压力抵制型”和“压力敏感型”,以反映不同类型机构投资者所存在的异质性。第五章,实证检验。本章根据研究的主题,对机构投资者持股和机构投资者股权制衡与公司绩效的关系提出了相应假设,并区分了机构投资者异质性的影响,然后对研究假设进行了实证检验和分析,并进行了稳健性检验。第六章,研究结论和政策建议。根据本文的研究,得出了本文的主要研究结论,并根据研究结论相应地提出了本文的政策建议。本文选取了2007-2011年沪深两市上市公司为样本,通过建立联立方程和运用两阶段最小二乘法控制内生性,实证检验了机构投资者持股与公司绩效的关系,然后进行细分,进一步检验了不同类型机构投资者持股与公司绩效的关系,最后对机构投资者股权制衡与公司绩效的关系进行了验证,再通过稳健性检验,得出以下结论： (1)机构投资者总体上会对持股对象进行选择,倾向于选择业绩表现良好的上市公司进行持股,具有价值发现的功能,是价值发现者；同时机构投资者对上市公司进行持股后也能对公司绩效产生积极作用,有利于提高公司绩效,也是价值创造者。 (2)证券投资基金和社保基金在对上市公司持股时,也青睐业绩表现良好的企业,具有价值发现的功能,是价值发现者；证券投资基金和社保基金对公司持股后均能对上市公司绩效产生积极作用,提高公司绩效,均表现出价值创造功能,是价值创造者。 (3)证券公司、QFII和保险公司在我国股市上均未发挥出价值发现的功能,不是价值发现者；同时,证券公司、QFII和保险公司在对上市公司进行持股后,也未能很好的对公司绩效产生积极作用,未表现出价值创造功能,目前还不是价值创造者。 (4)机构投资者股权制衡与公司绩效呈显著正相关关系。机构投资者在目前中国上市公司一股独大的局面下,整体上能够积极地参与公司治理,约束控股股东的权利和决策,发挥积极的作用,促使公司稳定健康的发展,提高公司绩效。本文进行了机构投资者持股与公司绩效关系的实证研究,主要有以下几方面的研究贡献：(1)区别于以前多数的研究,本文通过建立联立方程,运用两阶段最小二乘法控制内生性,研究了机构投资者总体及细分的持股与公司绩效之间的关系,可以反映机构投资者对上市公司的价值发现和价值创造功能；并区别了异质性,能明晰不同类型机构投资者对于上市公司的不同作用效力,丰富和完善机构投资者与公司绩效的研究。(2)研究了机构投资者股权制衡与公司绩效的关系,揭示了机构投资者对公司大股东的股权制衡对公司绩效的正面作用,对改善我国上市公司股权结构,具有重要的现实意义。(3)对于不同类型机构投资者对于上市公司的不同作用效力的研究,还能为监管部门规范和引导机构投资者的发展提供理论依据,尤其是对于不同类型的机构投资者制定合理的政策法规,引导我国机构投资者良好有序的发展,保障我国超常规发展机构投资者的规划取得良好效果。
[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.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.48

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