所有权和控制权分离对机构投资者持股决策的影响.PDFVIP

Summer Research Workshop 2009 24-25 July 2009 Title: 所有权和控制权分离对机构投资者持股决策 的影响——兼论不同类型机构投资者的差 异 Presented by: Dr Song Yu Nanjing University of Science and Technology Discussant: Dr Oliver Li Zhen University of Arizona FOR THIS WORKSHOP ONLY DO NOT QUOTE DO NOT CIRCULATE 所有权和控制权分离对机构投资者持股决策的影响 ——兼论不同类型机构投资者的差异 宋玉 （南京理工大学 经济管理学院，江苏 南京 210094 ；南京大学 商学院，江苏 南京 210093 ） 摘要：上市公司所有权与控制权的严重分离会影响其公司价值，进而会影响投资者的投资决策。本文以 2004-2007 年我国 A 股上市公司为研究样本，考察了我国上市公司两权分离状况对机构投资者总体和各类 机构投资者持股决策的影响。我们发现，上市公司所有权越高，两权分离度越小时，机构投资者（主要是 证券投资基金）持股比例越高；而且两权分离度指标对机构投资者持股决策的影响在非国有企业中表现更 为明显。本文的研究结论表明，我国机构投资者总体上能够做到自我利益保护，在投资者保护方面发挥积 极的作用，但是这种作用的发挥在机构投资者类型中存在显著差异。 关键词：最终控制人 所有权 控制权 机构投资者持股 The Effect of the Separation between Ownership and Control on Institutional Ownership: the Difference of Institutional Investors Types SONG Yu （School of Economics and Management, Nanjing University of Science and Technology, Nanjing 210094； School of Business NanJing University, Nanjing 210093） Abstract: The significant separation between ownership and control will have an effect on companies’ value, and then may have an effect on investors’ decisions. This paper investigates the separation between ownership and control for listed companies in China and it’s an effect on institutional ownership. It is found that high level of cash-flow rights and small separation between ownership and control has a positive effect on institutional ownership, mainly refer to security investment funds. And this re