【作者】 郑芳；

【导师】 滕敏；

【作者基本信息】 华中科技大学 ， 资产评估， 2020， 硕士

【摘要】 机构投资者最早起源于英国,随后逐渐成为了西方证券市场上的投资主体,在证券市场上产生举足轻重的影响。近十年来我国也不断推行一系列法律政策使得机构投资者在持股规模、资金实力与技术水平方面都实现了巨大的转变,成为了我国证券市场的十分重要的角色。随着机构投资者参与介入上市企业公司治理活动积极性的提高,越来越多的学者开始关注机构投资者是否有益于改善企业整体绩效情况。针对两者之间的关系,本文将在现有研究的基础上引入融资约束中介因素来对机构投资者强大的绩效推动作用加以证实。本文结合我国目前机构投资者发展的实际现状,在委托代理、利益相关者、股东积极主义以及信息不对称这四个相关的理论基础上对机构投资者持股比例和企业绩效水平的深层次关系进行探究。由于机构投资者与目标企业存在的商业联系不同且持股时间长短具有差异,因此本文还根据独立性和稳定性的标准将机构投资者划分为不同的类型进行研究。为了研究机构投资者是否有改善企业绩效的作用,本文搜集了2014年-2018年沪深A股制造业行业661家公司的数据进行实证分析。除了分析机构投资者对企业绩效的直接作用之外,本文还深入探讨了融资约束在两者之间的中介作用是否具有显著性。实证检验分析最终表明:(1)机构投资者整体持股在一定程度上具有改善企业绩效的作用;(2)独立型机构投资者持股和企业绩效之间具有明显的正向相关关系,非独立型机构投资者则与之相反并无此关联;(3)稳定型机构投资者在降低融资约束、促进企业绩效提升方面比交易型影响更显著;(4)就中介效应而言,除非独立型样本之外,融资约束在其余四个回归样本中都产生了明显的部分中介作用。更多还原

【Abstract】 Institutional investors originated from the United Kingdom in the earliest years,and gradually became the main investors in the western securities market,which had a significant impact on the securities market.In the past ten years,China has also continuously implemented a series of laws and policies,which have made institutional investors achieve huge changes in terms of shareholding scale,financial strength and technical level,and have become a very important role for China’s securities market.With the increasing enthusiasm of institutional investors for participating in corporate governance activities of listed companies,more and more scholars have begun to focus on the issue that whether institutional investors are beneficial to improve the overall performance of enterprises.Aiming at the relationship between the two,this paper will introduce the intermediary factors of financing constraint on the basis of existing research to confirm the strong performance driving effect of institutional investors.Based on the current actual situation of the development of institutional investors in our country,this paper is based on the four related theories of agency agency,stakeholders,shareholder activism and information asymmetry.Because institutional investors have different business relationships with target companies and shareholding durations are different,this paper also divides institutional investors into different types for research based on the criteria of independence and stability.In order to study whether institutional investors have the effect of improving corporate performance,this paper collects data of661 listed manufacturing companies from 2014 to 2018 as a research sample for empirical testing,and discusses whether the mediating effect of financing constraints is significant.The analysis of empirical test results finally shows that:(1)the overall shareholding of institutional investors can improve corporate performance to a certain extent;(2)there is aclear positive correlation between independent institutional investor shareholdings and corporate performance,while non-independent institutional investors do not have this relationship;(3)in terms of stability,stable institutional investors’ impact on reducing financing constraints and promoting corporate performance are more obvious than transactional institutional investors;(4)in terms of mediating effect,financing constraints have produced some intermediary effect in the other four samples of whole,independent,stable and transactional institutional investors except for independent samples.更多还原