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中国管理科学

中国管理科学

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机构投资者异质性、企业产权与公司绩效——基于股权分置改革前后的比较分析

刘星, 吴先聪   

  1. 重庆大学经济与工商管理学院, 重庆 400044
  • 收稿日期:2010-09-06 修回日期:2011-04-16 出版日期:2011-10-30 发布日期:2011-10-30
  • 作者简介:刘星(1956- ),男(汉族),河南镇平人,重庆大学经济与工商管理学院教授,博士生导师,研究方向:公司治理,公司财务与金融
  • 基金资助:
    国家自然科学基金面上项目(70772100);中央高校基本科研业务费资助(CDJXS11022201)

The Influence of the Heterogeneity of Institutional Investors and Corporate Ownership on Firm Performance——An Analysis Based on the Split-Share Structure Reform

LIU Xing, WU Xian-cong   

  1. School of Economics and Business Administration, Chongqing University, Chongqing 400044, China
  • Received:2010-09-06 Revised:2011-04-16 Online:2011-10-30 Published:2011-10-30

PDF (PC)

3049

被引次数

93

摘要： 本文利用2003-2009年有机构持股的A股上市公司为样本,基于不同的企业产权,利用两阶段最小二乘模型研究了不同类型的机构投资者在股改前、股改中对公司绩效的影响。首先讨论了以基金为代表的国内机构投资者和合格境外机构投资者(QFII)与公司绩效的关系,发现基金持股与公司绩效之间存在显著的正向关系,表明基金持股有助于提高公司绩效,而QFII对我国上市公司绩效没有影响。然后,研究了股权分置改革对机构持股与上市公司绩效关系的影响,以及股权分置改革前后,产权性质对机构持股与上市公司绩效关系的影响。结果显示,国有产权性质和股改过程这两个因素对以基金为首的国内机构投资者在提高公司绩效方面有不利影响,而对还未介入我国上市公司治理的QFII的投资行为没有明显影响。

关键词: 机构投资者异质性, 股权分置改革, 国有控股, 公司绩效, 2SLS

Abstract: Collecting 2003-2009A-share Chinese listed companies having institutional ownership as samples,based on different corporate ownership,this study investigates the influence of different institutional investors on firm performance around the split-share structure reform,within simultaneous equations by using 2SLS.First,the associations between the fund on behalf of domestic institutional investors and firm performance,and qualified foreign institutional investors (QFII) and firm performance are discussed,t he results show that fund ownership improves firm performance,but QFII does not.Then,this article studies the influence of the split-share structure reform on the relationship between different institutional investors and firm performance,and the influence on the association between different institutional investors and firm performance around the split-share structure reform.The results indicate that the factors of the reform and corporate ownership impede domestic institutional investors participate corporate governance but not affect QFII's behavior of corporate governance.

Key words: heterogeneity of institutional investors, split-share structure reform, state-owned controlling, firm performance, 2SLS

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