| 基金持股的上市公司特征探析 |
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| 引用本文： | 王彩萍.基金持股的上市公司特征探析[J].商业研究,2009(5). |
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| 作者姓名： | 王彩萍 |
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| 作者单位： | 中山大学,旅游学院,广东,广州,510275 |
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| 基金项目： | 教育部人文社会科学研究项目，中山大学文科青年教师科研基金 |
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| 摘 要： | 结合我国以证券投资基金为主的机构投资者实际发展状况及相关制度背景,以探讨机构投资者是否对上市公司治理存在影响为主线,对机构投资者持股上市公司特征进行了实证研究。结果发现,基金持股的上市公司在公司治理、盈利能力等方面优于非基金持股的上市公司,开放式基金持股公司和封闭式基金持股公司在治理特征方面存在显著差异,基金能同时对上市公司产生"用手投票"和"用脚投票"的积极效应。
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| 关 键 词： | 机构投资者 持股偏好 公司治理 企业价值 |
The Characteristics of Listed Company Holding by Institutional Investors |
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| WANG Cai-ping.The Characteristics of Listed Company Holding by Institutional Investors[J].Commercial Research,2009(5). |
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| Authors: | WANG Cai-ping |
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| Institution: | School of Tourism;Sun Yat-Sen University;Guangzhou 510275;China |
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| Abstract: | By studying the shareholding characteristics of institutional investors,the paper finds that the listed companies by institutional investors are far better than those the average investors in terms of corporate governance and earning.There are notable differences between the companies owned by the open security fund and the companies by the close security fund.The security fund can affect corporate value through "vote with voice" and "vote with feet" in 2003 and 2004. |
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| Keywords: | institutional investors shareholding preference corporate governance corporate value |
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