机构投资者担心企业应用衍生品进行投机吗-来自中国上市公司的证据

以2007-2011年应用过衍生品的中国上市公司为样本,检验机构投资者持股与企业应用衍生品及其投机行为的关系,研究发现:机构投资者担心企业应用衍生品尤其是应用衍生品的投机行为会损害其自身的利益,并且这种担心超出了机构投资者通过积极的监督来保障自身利益的意愿,因此,机构投资者倾向于减少对那些应用衍生品公司的投资,大多维持在一个较低的水平.此外,证据还表明:在我国上市公司中,机构投资者的投资并不普遍,份量也较轻;衍生品在我国上市公司中的应用亦不普遍并且应用的程度很低,大多数应用衍生品的公司是为了套保,但一旦投机则非常严重;机构投资者较为看重应用衍生品公司的成长性,而反感其业绩与盈余管理行为.

Would Institutional Investors Worry About the Speculation in Application of Derivatives--Evidence from China's Listed Companies

Based on a sample from China''s listed companies (2007-2011) which have applied derivatives to test the relevance between speculation and investment by institutional investors, it can be found that: institutional investors intend to decrease investment and keep a quite low level on firms which have applied derivatives, because they worry about that the application of derivatives, especially speculation would damage their benefit and do not want to protect themselves by positive supervision. Additionally, more evidence shows that: institutional investment is not so popular in China''s listed companies, so does application of derivatives; there is very significant speculation in the sample although more companies use derivatives for hedging; institutional investors prefer to firms'' growth while being disgusted with their performance and earning management.