【摘要】：機(jī)構(gòu)投資者并不同于“用腳投票”的個(gè)人投資者,能夠?qū)镜慕?jīng)營(yíng)管理進(jìn)行監(jiān)督,有效地防止董事會(huì)和經(jīng)理層侵占中小股東的利益,能夠更好地實(shí)現(xiàn)公司價(jià)值和長(zhǎng)期發(fā)展。但是在以往的分析研究中往往將機(jī)構(gòu)投資者作為一個(gè)整體進(jìn)行分析,忽視了機(jī)構(gòu)投資者異質(zhì)性的存在,這對(duì)于機(jī)構(gòu)投資者的研究是不全面、不準(zhǔn)確的。在對(duì)于機(jī)構(gòu)投資者的異質(zhì)性所產(chǎn)生的異質(zhì)機(jī)構(gòu)投資者的研究中,一般以機(jī)構(gòu)投資者與被投資公司之間是否存在直接或間接的業(yè)務(wù)往來(lái)為視角,將異質(zhì)機(jī)構(gòu)投資者劃分為“壓力敏感型”機(jī)構(gòu)投資者和“壓力抑制型”機(jī)構(gòu)投資者,分別分析這兩類(lèi)異質(zhì)機(jī)構(gòu)投資者在公司治理中發(fā)揮的不同作用,進(jìn)而對(duì)財(cái)務(wù)績(jī)效所產(chǎn)生的不同影響。本文首先介紹了研究背景和研究意義,梳理了國(guó)內(nèi)外文獻(xiàn)和相關(guān)理論基礎(chǔ)。第二章介紹異質(zhì)機(jī)構(gòu)投資者含義、分類(lèi)和特點(diǎn),同時(shí)闡述財(cái)務(wù)績(jī)效的含義、評(píng)價(jià)體系和影響因素。第三章將異質(zhì)機(jī)構(gòu)投資者對(duì)財(cái)務(wù)績(jī)效的影響進(jìn)行了理論分析,分別從理論層面將異質(zhì)機(jī)構(gòu)投資者對(duì)財(cái)務(wù)績(jī)效產(chǎn)生的不同作用進(jìn)行探討,并考慮區(qū)位因素對(duì)異質(zhì)機(jī)構(gòu)投資者影響財(cái)務(wù)績(jī)效的作用效果,分別討論不同地區(qū)的異質(zhì)機(jī)構(gòu)投資者對(duì)財(cái)務(wù)績(jī)效的影響。第四章,選取2011-2015年全部A股上市公司的財(cái)務(wù)數(shù)據(jù)為樣本,以異質(zhì)機(jī)構(gòu)投資者持股比例之和為自變量,財(cái)務(wù)績(jī)效指標(biāo)為因變量,設(shè)計(jì)模型并進(jìn)行描述性統(tǒng)計(jì),通過(guò)回歸模型對(duì)異質(zhì)機(jī)構(gòu)投資者持股比例之和與財(cái)務(wù)績(jī)效指標(biāo)進(jìn)行實(shí)證分析,研究異質(zhì)機(jī)構(gòu)投資者與上市公司財(cái)務(wù)績(jī)效之間的關(guān)系,最后文章對(duì)實(shí)證結(jié)果提出意見(jiàn)與不足并得出結(jié)論。通過(guò)本文研究,更加全面的從理論上和實(shí)踐上對(duì)異質(zhì)機(jī)構(gòu)投資者進(jìn)行分析,為異質(zhì)機(jī)構(gòu)投資者更好的提高公司財(cái)務(wù)績(jī)效做出貢獻(xiàn)。
[Abstract]:Unlike individual investors who vote with their feet, institutional investors can supervise the management of the company, effectively prevent the board of directors and managers from encroaching on the interests of the minority shareholders, and can better realize the value and long-term development of the company. However, institutional investors as a whole are often analyzed in the past, which ignores the heterogeneity of institutional investors, which is not comprehensive and accurate for institutional investors. In the research of the heterogeneity of institutional investors, whether there are direct or indirect business transactions between institutional investors and invested companies is generally taken as the perspective. The heterogeneous institutional investors are divided into "pressure-sensitive" institutional investors and "pressure-restrained" institutional investors, and the different roles of these two types of heterogeneous institutional investors in corporate governance are analyzed, respectively. And then on the financial performance of the different impact. This paper first introduces the research background and significance, combing the domestic and foreign literature and related theoretical basis. The second chapter introduces the meaning, classification and characteristics of heterogeneous institutional investors, as well as the meaning of financial performance, evaluation system and influencing factors. In the third chapter, the influence of heterogeneous institutional investors on financial performance is analyzed theoretically, and the different effects of heterogeneous institutional investors on financial performance are discussed respectively from the theoretical level. Considering the effect of location factors on financial performance of heterogeneous institutional investors, the effects of heterogeneous institutional investors in different regions on financial performance are discussed respectively. In chapter 4, the financial data of all A-share listed companies from 2011-2015 are selected as samples, taking the sum of shareholding ratio of heterogeneous institutional investors as independent variable and financial performance index as dependent variable, the model and descriptive statistics are designed and analyzed. Based on the regression model, the relationship between the financial performance of the heterogeneous institutional investors and the financial performance of listed companies is studied by empirical analysis of the sum of the shareholding ratio of the heterogeneous institutional investors and the financial performance indicators. Finally, the paper puts forward the opinion and deficiency of the empirical results and draws a conclusion. Through the research of this paper, the thesis makes a more comprehensive analysis of the heterogeneous institutional investors in theory and practice, so as to contribute to the better improvement of corporate financial performance of heterogeneous institutional investors.
【學(xué)位授予單位】：沈陽(yáng)理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F275;F832.51

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