【作者】 周运兰； 李子珺；

【Author】 Zhou Yunlan;Li Zijun College of Management,South-Central University for Nationalities;Wuhan Branch,China’s hydropower real estate company,Wuhan 430074,China

【机构】 中南民族大学管理学院； 中国水电地产公司武汉分公司；

【摘要】 伴随机构投资者的迅速发展,我国机构投资者也逐步迈入公司治理的行列。本文选取我国A股上市公司在2008-2010年的数据作为研究对象,比较全面地实证考察了机构投资者对上市公司财务绩效的影响程度。研究发现我国机构投资者一定程度上扮演了"价值发现者"的角色,对上市公司财务绩效具有一定的改善能力。而且,不同类型的机构投资者对上市公司的财务绩效的作用是不同的,其中证券投资基金在我国资本市场中占据主导地位。本文的研究为我国机构投资者发展和上市公司财务绩效评价提供了有益的参考。更多还原

【Abstract】 Accompanied with the rapid development of the institutional investors,China’s institutional investors have gradually entered the ranks of corporate governance.This paper has done a more comprehensive empirical investigation in the impact of institutional investors on the financial performance of listed companies which using the three years’ data during 2008-2010 of all China’s A-share listed companies as a research object. According to the empirical study,this paper finds that Chinese institutional investors have played the role of value discovers in some degree and they have some ability to improve the financial performance of listed companies. This paper also finds that different types of institutional investors have different effects on the financial performance of listed companies;Moreover,securities investment fund plays a leading role in Chinese capital market.In a word,this study provides a useful reference for China’s development of institutional investors and listed companies’ financial performance evaluation.更多还原