机构投资者的治理角色——过度投资视角

本文以2007~2009年我国上市公司的过度投资行为为背景,考察机构投资者持股对过度投资的治理角色。研究结果表明,机构的期末持股比例、长线型机构投资者尤其是长线型基金与过度投资显著负相关,表现为有效监督者的角色;短线型机构投资者则缺乏公司治理的意愿和动机,表现为利益攫取者的角色。研究结果意味着,我国的机构投资者同时具备有效监督者和利益攫取者的角色,何时表现出何种角色取决于持股比例以及持股时间。

The Governance Role of Institutional Investors with the Perspective of Over-Investment

This paper examines institutional investors’ role in corporate governance of over-investment on the basis of over-investment listed companies from 2007 to 2009.The result shows that long-term institutional investors have a significant negative correlation with over-investment.Especially in long-term fund,the inhibition effect is more apparent.We also find that institutional investors act as an effective watchdog’s role.Short-term institutional investors are lack of motivations for governance,so they are more likely to grab the interest.The different roles of institutional investors depend on shareholding ratio and shareholding time.