【摘要】：隨著機(jī)構(gòu)投資者在我國資本市場(chǎng)上的蓬勃發(fā)展及其地位的迅速攀升,機(jī)構(gòu)投資者在公司治理機(jī)制中所起到的作用日益受到大家的關(guān)注。介于目前越來越多的正規(guī)專業(yè)機(jī)構(gòu)的引入,機(jī)構(gòu)投資者是否能夠有效行駛其監(jiān)督權(quán),對(duì)公司重大決策的制定會(huì)產(chǎn)生舉足輕重的影響。高管職位變更,尤其是高管的非自愿變更,作為公司的一項(xiàng)重大事件,會(huì)從某個(gè)角度上反映出公司績(jī)效變化以及公司管理情況。同樣通過這一決策的制定,也可以反映出公司管理者以及監(jiān)管者的態(tài)度,從而進(jìn)一步能夠考量出作為監(jiān)管者新生力量的機(jī)構(gòu)投資者,其參與公司治理的積極性究竟如何。然而,不同類型的機(jī)構(gòu)投資者由于自身特點(diǎn)以及投資偏好的差異,并不是都有意愿或是有能力發(fā)揮其監(jiān)督管理作用,因此,機(jī)構(gòu)投資者在公司治理中到底扮演著怎樣的角色,起到怎樣的作用,又與上市公司存在著怎樣的關(guān)系?本文將就如上問題進(jìn)行實(shí)證分析研究。本文選擇高管職位變更這一研究視角,選取2011-2013年間滬深A(yù)股且發(fā)生過高管非自愿變更的上市公司為研究樣本,在將機(jī)構(gòu)投資者劃分為壓力敏感型與壓力抵制型的基礎(chǔ)上,來進(jìn)一步實(shí)證研究機(jī)構(gòu)投資者參與公司治理對(duì)于高管職位變更這一公司重大決策的實(shí)際影響。經(jīng)過實(shí)證研究分析后得到結(jié)果顯示,機(jī)構(gòu)投資者整體持股比例越高,則因業(yè)績(jī)下滑而導(dǎo)致的高管非自愿變更的可能性越小,這表明機(jī)構(gòu)投資者通常在公司治理中沒有起到積極有效的監(jiān)管作用;壓力敏感型機(jī)構(gòu)投資者產(chǎn)生的影響不顯著;壓力抵制型機(jī)構(gòu)投資者在持股比例較高的情況下,通常能積極地參與到公司治理中去。綜上所述,本文認(rèn)為我國機(jī)構(gòu)投資者參與公司治理的積極性與監(jiān)管力度還有待于進(jìn)一步加強(qiáng)。
[Abstract]:With the vigorous development of institutional investors in China's capital market and the rapid rise of their status, the role of institutional investors in the corporate governance mechanism has attracted more and more attention. At present, with the introduction of more and more formal professional institutions, whether the institutional investors can effectively drive their supervisory power will have a significant impact on the making of major decisions of the company. The change of executive position, especially the involuntary change of executive position, as a major event of the company, can reflect the change of the company's performance and the management of the company in a certain way. By making this decision, we can also reflect the attitude of corporate managers and regulators, so that we can further consider the enthusiasm of institutional investors, as the new forces of regulators, to participate in corporate governance. However, different types of institutional investors, due to their own characteristics and differences in investment preferences, are not willing or able to play their supervisory and managerial role. Therefore, what role does institutional investors play in corporate governance? What role does it play, and what kind of relationship does it have with listed companies? This article will carry on the empirical analysis research to the above question. In this paper, we choose the research perspective of senior management position change, and select listed companies with Shanghai and Shenzhen A shares which have changed executives involuntarily from 2011-2013 as the research sample, on the basis of classifying institutional investors as stress-sensitive and pressure-resistant. To further empirically study the actual impact of institutional investor participation in corporate governance on executive position change, which is a major decision of the company. After empirical analysis, the results show that the higher the proportion of institutional investors' overall ownership, the less likely it is for executives to change involuntarily as a result of performance decline. This shows that institutional investors usually do not play an active and effective regulatory role in corporate governance; The influence of pressure sensitive institutional investors is not significant, and pressure resistance institutional investors usually participate actively in corporate governance in the case of high shareholding ratio. To sum up, this paper believes that the enthusiasm and supervision of institutional investors to participate in corporate governance need to be further strengthened.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F272.91;F832.51

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