机构投资者持股与关联方占用的实证研究金融学专业论文.docxVIP

重庆大学硕士学位论文英文摘要 重庆大学硕士学位论文 英文摘要 PAGE PAGE IV ABSTRACT In recent years， with institutional investors increase the proportion of their shareholding of the listed company ，they plays an increasingly important role in corporate governance. many scholars at home and abroad do many research about institutional investors to participate in corporate governance . In these studies， most are based on perspective of company performance， but this paper do it directly from governance modes ， because in China ， institutional investors mainly exercise supervision over the listed company to participate in the company management， so this paper mainly do empirical research over the correlations between the institutional investors and Resources Expropriation by the Related Parties. In the empirical research ，explanatory variables institutional investors are mainly divided into: long-term institutional investors and qualified foreign institutional investors .explained variable is the Resources Expropriation by the Related Parties.Meanwhile， we separate the sample date according to equity properties， ownership structure and year， then do the regressions respectively and to test for corporate governance environments influence on the institutional investorsenthusiasm to participate in the company management. Meanwhile， the sample data is collected from 264 listed companies of the HuShen 300 index in the year of 2005 to 2009. The results of the study show that， When the listed company is state-owned holding company， institutional investors can affect the Resources Expropriation by the Related Parties ，When the listed company is non-state-owned holding company， institutional shares can significantly reduce the Resources Expropriation by the Related Parties， among which， the long-term institutional investorss shareholding ratio is negetively related to the Resources Expropriation by the Related Parties， and the short term institutional investors