本文選題：機(jī)構(gòu)投資者　切入點(diǎn)：上市公司　出處：《安徽財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：一直以來,關(guān)于機(jī)構(gòu)投資者持股影響上市公司績效的研究從來沒有停止過,并且隨著機(jī)構(gòu)投資者的不斷發(fā)展與壯大,其廣泛地參與到公司治理中去并對公司績效產(chǎn)生影響,這使得機(jī)構(gòu)投資者持股與上市公司績效之間的關(guān)系研究受到了學(xué)術(shù)界的不斷關(guān)注。從已有的文獻(xiàn)并綜合國內(nèi)外學(xué)者的觀點(diǎn)來看,對機(jī)構(gòu)投資者持有上市公司股份影響公司績效的結(jié)論具體分為以下三種：一是機(jī)構(gòu)投資者持股與上市公司績效正相關(guān)；二是機(jī)構(gòu)投資者并沒有很好的發(fā)揮提高上市公司績效的作用；三是不同類型的機(jī)構(gòu)投資者對上市公司績效的影響具有差異性。由以上結(jié)論可以看出,目前對于機(jī)構(gòu)投資者持股影響上市公司績效的研究還沒有形成統(tǒng)一的定論。 本文在總結(jié)前人研究的基礎(chǔ)上,選取制造業(yè)上市公司作為我國上市公司的代表,選取制造業(yè)作為研究樣本的主要原因?yàn)椋菏紫?我國制造業(yè)上市公司在所有上市公司中占據(jù)60%以上的比重,具有代表性；其次,由于制造業(yè)的增加值在我國GDP中占據(jù)40%以上的比重,其作為影響我國經(jīng)濟(jì)發(fā)展的重要力量具有現(xiàn)實(shí)的研究意義。因此本文選取制造業(yè)上市公司作為研究對象,探討機(jī)構(gòu)投資者持股對制造業(yè)上市公司績效的影響。 本文以機(jī)構(gòu)投資者與上市公司之間的相關(guān)理論為基礎(chǔ),在衡量上市公司績效方面運(yùn)用托賓Q值法和財(cái)務(wù)指標(biāo)法,在實(shí)證部分具體通過描述性統(tǒng)計(jì)、單位根檢驗(yàn)、格蘭杰因果檢驗(yàn)、變量之間的相關(guān)性分析、多元回歸等分析方法,實(shí)證檢驗(yàn)了機(jī)構(gòu)投資者持股與制造業(yè)上市公司績效評價(jià)指標(biāo)之間的關(guān)系,并考察了機(jī)構(gòu)投資者總體持股和不同類型機(jī)構(gòu)投資者持股對制造業(yè)上市公司績效的影響,研究結(jié)論得出機(jī)構(gòu)投資者總體持股和壓力抵制型機(jī)構(gòu)投資者持股與制造業(yè)上市公司績效正相關(guān),而壓力敏感型機(jī)構(gòu)投資者持股對制造業(yè)上市公司績效沒有顯著影響。文章最后對實(shí)證結(jié)論進(jìn)行了分析,并提出要積極發(fā)展機(jī)構(gòu)投資者、優(yōu)化機(jī)構(gòu)投資者結(jié)構(gòu)等政策建議。
[Abstract]:All along, the research on institutional investor's stock holding influence the performance of listed company has never stopped, and with the continuous development and expansion of institutional investors, its extensive participation in corporate governance and its impact on corporate performance. This makes the research on the relationship between institutional investors' shareholding and the performance of listed companies getting more and more attention in academic circles. From the existing literature and from the point of view of domestic and foreign scholars, The conclusions that institutional investors hold shares of listed companies affect the performance of companies are divided into the following three types: first, institutional investors holding shares and listed company performance is positively correlated; Second, institutional investors do not play a good role in improving the performance of listed companies; third, different types of institutional investors have different effects on the performance of listed companies. At present, there is no uniform conclusion that institutional investors' shareholding affects the performance of listed companies. On the basis of summarizing the previous studies, this paper selects the manufacturing listed companies as the representative of the listed companies in our country, and the main reasons for selecting the manufacturing industry as the research samples are as follows: first, China's manufacturing listed companies account for more than 60% of all listed companies, which is representative. Secondly, because the manufacturing value added accounts for more than 40% of GDP in China, Therefore, this paper selects the listed companies in manufacturing industry as the research object, and discusses the impact of institutional investors' shareholding on the performance of listed manufacturing companies. Based on the relevant theories between institutional investors and listed companies, this paper applies Tobin Q value method and financial index method to measure the performance of listed companies. In the empirical part, it passes descriptive statistics and unit root test. Granger causality test, correlation analysis among variables, multiple regression and other analytical methods, empirically test the relationship between institutional investors' shareholding and the performance evaluation index of listed manufacturing companies. The effects of institutional investors' overall shareholding and different types of institutional investors' shareholding on the performance of listed manufacturing companies are also investigated. It is concluded that the overall ownership of institutional investors and the holding of pressure-resistant institutional investors are positively correlated with the performance of listed manufacturing companies. However, there is no significant effect on the performance of listed manufacturing companies by holding shares of pressure-sensitive institutional investors. Finally, the paper analyzes the empirical conclusions and puts forward some policy suggestions such as actively developing institutional investors and optimizing the structure of institutional investors.
【學(xué)位授予單位】：安徽財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

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