机构投资者持股与企业绩效关系研究——以我国A股上市公司为例.docVIP

PAGE PAGE 18 机构投资者持股与企业绩效关系研究 ——以我国A股上市公司为例 摘要：近几年，随着中国资本市场的迅速发展，证券市场上的机构投资者也以惊人的速度朝着多元化的方向发展着。自从2005年实行股权分置改革以来，机构投资者持有上市公司流通A股的股数越来越大，对上市公司的经营管理和企业的经营绩效产生了重要的影响。本文就机构投资者持股参与企业的公司治理对经营绩效的影响为研究主旨，基于2014-2015年上市公司的数据，运用多元回归方法对两者之间的关系进行实证检验。实证检验的结果显示：（1）机构投资者的持股比例能够明显影响到企业的经营绩效；（2）机构投资者持股比例与企业经营绩效存在内生性，但是影响不显著；（3）机构投资者对公司第一大股东的股权制衡与企业的经营绩效之间存在正相关关系。 关键词：机构投资者股权制衡企业绩效 Research on the relationship between Institutional：Ownership and Corporate Performance：From the Perspective of the Chinese A-share listed companies Abstract: In recent years, with the rapid development of Chinas capital market, institutional investors are also developing in the direction of diversification in the securities market. Since the implementation of split share structure reform in 2005, Institutional investors to hold shares of listing Corporation in circulation A ratio is getting higher and higher. It has been an important influence on the management of the listing Corporation and the business performance of the enterprise. Domestic and foreign scholars on the research of this field is also very much. This paper focuses on institutional ownership participation in the companys governance operating performance impact on the company as the research thrust. Based on the data of listed companies from 2011 to 2013, using multiple regression method has carried on the empirical test to the relationship between the two. The empirical results: (1) Institutional investor shareholding can significantly affect the operating performance of companies. (2) Institutional investor shareholding and corporate operating performance is endogenous. (3) There is a positive correlation between institutional investors and equity balance business performance Keywords: Institutional Investors， Check-and-balance Ownership ，Enterprise performance 一、 引言 （一） 研究背景及意义 1、研究背景 所有权和经营权相分离是当代企业最为显著的特点，企业为了能够获得基本的经营能力就必须要从外部雇佣有管理经验的专业人员对公司进行管理，因此形成了所有者和经营者（委托人和代理人）的代理问题。企业内部的一股独大问题现象明显，第一大股东对小股东利益的侵吞也使得大小股东之间产生了矛盾。因此，对企业内部控制人进行有