机构投资者持股、多元化与公司业绩-金融学专业论文.docxVIP

II II 摘 要 近年来，我国资本市场不断完善和成熟，机构投资者在其中的作用也不断凸 显，更成为优化公司治理的重要推动因素。多元化作为企业扩大经营规模、新增 利润增长点的重要手段，往往受到管理层的青睐。多元化有利也有弊。已有的文 献虽未得出同意结论，但大部分文献则认为多元化经营会损害公司业绩。机构投 资者能否对公司多元化经营做出监督目前仍未有相关文献做出讨论。因此，本文 通过采集沪深 A 股主板 788 家样本数据来探讨机构投资者持股、多元化与公司业 绩之间的相互关系。 本文通过实证研究证实了机构投资者能够对公司的多元化经营做出监督作 用。上市公司在公司多元化决策等重大经营方针和事项有必要得到股东大会或者 董事会的批准。由于机构投资者具有资金优势、专业管理优势、风险分散优势和 信息优势，能够理性地分析和看待问题，能够克服个人在公司治理上的搭便车行 为，中国机构投资者能够有效地发挥内部人的作用，在涉及多元化的经营策略上， 整个机构投资者群体能够进行干预来保护中小股东的利益，监督公司的多元化经 营策略，降低了公司的治理成本，改善了公司绩效。但对具体类型机构投资者， 如基金等，仍未有明显证据证明其能监督公司的多元化经营。 关键词：机构投资者持股，多元化经营，公司业绩，上市公司治理 III III Abstract In recent years, Chinas capital markets have continued to improve and been mature. Institutional investors have become an important driving factor of highlighting the optimization of corporate governance. Diversification is often favored by management as an important means of expanding business scale and getting new profit growth point. Diversification has both advantages and disadvantages. Existing papers have not yet reached the same conclusion, but most argues that diversification would damage corporate performance. Whether institutional investors can supervise the companys diversification has not been discussed. Therefore, this paper is to explore the relationship of institutional investors, diversification and corporate performance through the CSI 788 A-shares companies’ data on the Main Board. This paper proves that institutional investors can supervise the companys diversified operations. Diversification and other major business decisions of listed companies are necessary to get the approval of the general meeting or the board of directors. Because institutional investors have the advantages of professional management, risk diversification and information, they can rationally analyze the problems, and also can overcome free-riding problems on corporate governance. Chinese institutional investors can effectively play the role of insiders. Involving in diversified business strategy, institutional investors c