本文選題：機構投資者 + 機構投資者異質性��； 參考：《南京大學》2017年碩士論文

【摘要】：當前,世界經(jīng)濟不確定事件、不可預見性風險和多樣化的挑戰(zhàn)復雜嚴峻。國內產(chǎn)能過剩和需求結構升級的矛盾仍然突出,經(jīng)濟增長內生動力不強,一些領域金融風險也初現(xiàn)端倪,中國經(jīng)濟面臨著一定的下行壓力。在這種形勢下,調整優(yōu)化產(chǎn)業(yè)結構,加快企業(yè)并購重組是中國經(jīng)濟轉型的必由之路。中國傳統(tǒng)經(jīng)濟以銀行渠道的間接融資為主,這種融資方式主要是為成熟、現(xiàn)金流穩(wěn)定的較大規(guī)模企業(yè)服務,要想實現(xiàn)創(chuàng)新驅動發(fā)展,就必然會出現(xiàn)大部分創(chuàng)新型企業(yè)不斷涌現(xiàn)和消失,要想繼續(xù)依靠銀行融資已經(jīng)不再可能,通過股市實現(xiàn)融資便成為創(chuàng)新驅動經(jīng)濟發(fā)展、實現(xiàn)"十三五"時期產(chǎn)業(yè)結構升級目標的關鍵途徑。隨著我國資本市場不斷的完善與發(fā)展,尤其在國家"超常規(guī)發(fā)展機構投資者"的政策支持下,機構投資者已經(jīng)逐漸成為我國資本市場上一股不可忽視的力量。已有大量的文獻表明,機構投資者的存在對上市公司的治理以及經(jīng)營績效產(chǎn)生了積極影響。本文從企業(yè)并購的角度出發(fā),圍繞資本市場上機構投資者持股對公司并購績效的影響這一問題,探討了不同類型的機構投資者對企業(yè)并購績效的綜合影響。關于機構投資者的分類,本文采用從整體到局部,從宏觀到微觀,循序漸進的研究步驟,先按照機構投資者的類型將其分為獨立型和非獨立型機構投資者;然后對獨立型機構投資者的主要類型——基金,按照投資組合換手率高低分為激進型和穩(wěn)健型機構投資者,更全面深入地分析了當前我國機構投資者的結構特征。在衡量企業(yè)并購績效時,以企業(yè)并購后一年度的凈資產(chǎn)收益率ROE作為長期績效的替代變量,以企業(yè)首次宣告并購期間的股價累積超額收益率CAR作為短期績效的替代變量,從企業(yè)內部和外部更全面地研究并購活動對公司發(fā)展的影響。在選取2011年至2014年的滬深兩市A股上市公司中的成功并購事件為樣本,對不同類型機構投資者持股比例與企業(yè)并購績效進行回歸分析后,本文得出以下結論:(1)機構投資者持股比例越高,公司并購績效越好;(2)獨立型機構投資者對公司并購績效的積極影響更為顯著,非獨立型機構投資者一定程度上對公司并購績效產(chǎn)生了消極影響;(3)激進型機構投資者相對于穩(wěn)健型機構投資者對公司并購的績效影響更為顯著。(4)無論是何種類型的機構投資者,都對穩(wěn)定市場起到了積極的作用。由此可以認為,盡管我國機構投資者發(fā)展還很不成熟,跟發(fā)達資本市場存在著較大的差距,但是依舊在國內資本市場中發(fā)揮著"價值發(fā)現(xiàn)"和"穩(wěn)定市場"兩大職能。隨著國家相關政策法規(guī)制度的進一步完善和健全,相信在不久的將來,我國機構投資者一定會成為資本市場上的中流砥柱,在國家經(jīng)濟轉型、企業(yè)并購重組的浪潮中發(fā)揮關鍵作用。
[Abstract]:At present, the uncertain events of the world economy, unpredictable risks and the challenges of diversification are complex and severe. The contradiction between domestic overcapacity and upgrading of demand structure is still prominent, the endogenous motive force of economic growth is not strong, and financial risks in some fields are also emerging. China's economy is facing a certain downward pressure. In this situation, adjusting and optimizing the industrial structure and speeding up the M & A is the only way for China's economic transformation. The traditional Chinese economy is dominated by indirect financing through bank channels, which mainly serves large scale enterprises with mature and stable cash flows, in order to achieve innovation-driven development. It is inevitable that most innovative enterprises will continue to emerge and disappear. It is no longer possible to continue to rely on bank financing. Financing through the stock market will become an innovation driving economic development. The key way to realize the target of upgrading industrial structure in the period of the 13th five-year plan. With the continuous improvement and development of China's capital market, especially with the support of the government's policy of "super regular development of institutional investors", institutional investors have gradually become a force that can not be ignored in the capital market of our country. A large number of literatures have shown that the existence of institutional investors has a positive impact on the governance and business performance of listed companies. From the point of view of M & A, this paper discusses the comprehensive influence of different types of institutional investors on corporate M & A performance, focusing on the impact of institutional investor ownership on corporate M & A performance in the capital market. As for the classification of institutional investors, this paper adopts the research steps from whole to local, from macro to micro, step by step, and divides them into independent and non-independent institutional investors according to the types of institutional investors. Then, the main type of independent institutional investors, funds, is divided into radical and robust institutional investors according to the turnover rate of portfolio, and the structural characteristics of institutional investors in our country are analyzed more comprehensively and deeply. When measuring the performance of M & A, the ROE of the year after M & A is taken as the substitute variable of long-term performance, and the cumulative excess rate of return of stock price during the first announcement of M & A is regarded as the substitute variable of short-term performance. To study the influence of M & A activities on the development of the company from both inside and outside. From 2011 to 2014, the successful M & A events of A-share listed companies in Shanghai and Shenzhen stock markets were selected as samples, and the regression analysis was carried out between different types of institutional investors' shareholding ratio and corporate M & A performance. This paper draws the following conclusions: (1) the higher the shareholding ratio of institutional investors, the better the corporate M & A performance; (2) the positive impact of independent institutional investors on corporate M & A performance is more significant. Non-independent institutional investors to some extent have a negative impact on corporate M & A performance; (3) radical institutional investors have more significant impact on corporate M & A performance than robust institutional investors. (4) regardless of the type of institutional investors, Both have played a positive role in stabilizing the market. It can be concluded that although the development of institutional investors in our country is still immature and there is a big gap with the developed capital market, it still plays the two functions of "value discovery" and "stable market" in the domestic capital market. With the further improvement and perfection of the relevant national policies and regulations, I believe that in the near future, the institutional investors in our country will certainly become the mainstay of the capital market and transform in the national economy. The wave of M & A plays a key role.
【學位授予單位】：南京大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F275
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本文編號：2102585