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中国管理科学

中国管理科学 ›› 2009, Vol. 17 ›› Issue (2): 15-20.

• 论文 • 上一篇    下一篇

中国上市公司机构投资者对公司绩效影响的实证分析

王雪荣1,2, 董威1   

  1. 1. 南京财经大学会计学院, 南京210046;
    2. 南京大学工程管理学院博后站, 南京210046
  • 收稿日期:2008-07-02 修回日期:2008-12-17 出版日期:2009-04-30 发布日期:2009-04-30
  • 作者简介:王雪荣(1967- ),女(汉族),南京财经大学会计学院,副教授,研究力向:绩效管理与创新、综合评价理论与方法.

Empirical Analysis of Impact of Institutional Ownership on Corporate Operating Performance

WANG Xue-rong1,2, DONG Wei1   

  1. 1. Department of Accounting, Nanjing University of Economics, Nanjing 210046, China;
    2. School of Engineering Management Postdoctoral Station, Nanjing University, Nanjing 210046, China
  • Received:2008-07-02 Revised:2008-12-17 Online:2009-04-30 Published:2009-04-30

PDF (PC)

1717

被引次数

166

摘要： 伴随着2007年资本市场股权分置改革接近尾声,我国公司治理机制方面,在其实质上与形式上都产生了较有影响力的变化:一股独大的现象得到了改善,同股同权真正落实在每一个股东手上;同时资本市场也有了显著变化,以基金为主的形形色色的机构投资者粉墨登场,大量的闲散资金注入机构投资者。本文关注在后股权分置时代,机构投资者作为资本市场上实力与能力兼具的股东,能否对公司治理产生影响,从而改善公司绩效。通过建立机构投资者参与公司治理回归分析模型,来进行实证研究,为公司治理决策层和资本市场监管层提供科学依据。

关键词: 机构投资者, 公司治理, 回归模型, 公司绩效

Abstract: With the arriving of all-circulation of Chinese capital market in late 2007,the Chinese corporate governance had experienced change either essentially or formally.The domination of State-held shares of the listed companies had relived and every holder got the real right based on the shares.The various insti tutions such as fund have emerged to the capital market,where had been experienced tremendous revoludon,with the capital from retail andprivate investors.This paper,under the background of post-non-trad able share period,focuses on the relationship between institutional investors whio have the strength and a bility andperformance of firms and empirically examines the efforts of institutional monitoring on corporate governance thus provides the scientific evidence for decision layer and regulation layer.

Key words: institutional investors, corporate governance, regression model, performance of company

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