| 道德偏好与道德改善:中国机构投资者持股研究 |
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| 引用本文： | 王玲玲,王宗军,毛磊. 道德偏好与道德改善:中国机构投资者持股研究[J]. 金融评论, 2012, 0(3): 77-93,125 |
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| 作者姓名： | 王玲玲 王宗军 毛磊 |
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| 作者单位： | 华中科技大学管理学院;中国建设银行湖北省分行 |
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| 基金项目： | 国家自然科学基金“公司治理视角下基于粗糙集的中国上市公司经营困境评价模型及实证分析”(批准号:70872033;起止时间:2009~2012)子项目的研究成果 |
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| 摘 要： | 本文采用面板数据模型检验我国机构投资者持股与企业社会绩效的互动关系,以剖析机构投资者的道德偏好能力和道德改善能力。基于2006-2010年沪深两市918家样本的研究发现:(1)机构投资者偏好持股企业社会绩效好的公司,表明机构投资者具有道德偏好能力;(2)机构投资者持股对企业社会绩效存在微弱的正面影响,表明机构投资者具备道德改善能力,但非常有限;(3)不同类型机构投资者与企业社会绩效的互动关系差异较大,仅基金表现出道德偏好能力和道德改善能力。
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| 关 键 词： | 机构投资者 企业社会绩效 持股 |
Preference or Improvement:Institutional Investors and Corporate Social Performance in China |
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| WANG Lingling [a] WANG Zongjun [b] MAO Lei. Preference or Improvement:Institutional Investors and Corporate Social Performance in China[J]. Chinese Review of Financial Studies, 2012, 0(3): 77-93,125 |
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| Authors: | WANG Lingling [a] WANG Zongjun [b] MAO Lei |
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| Affiliation: | WANG Lingling [a] WANG Zongjun [b] MAO Lei [c] ( School of Management, Huazhong University of Science & Technology, Wuhan, 430074, China [a, b, c] Hubei Branch, China Construction Bank, Wuhan, 430015, China [c] ) |
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| Abstract: | The paper studies the relationship between institutional investors’ ownership and Corporate Social Performance (CSP) in China based on the panel data of 918 listed companies in Shanghai and Shenzhen Stock Exchange from 2006 to 2010. It finds that:(1) institutional investors’ ownership are positively related to CSP, namely institutional investors have strong morals preference capabilities; (2) institutional investors’ ownership have weak influence on future CSP, namely institutional investors have limited morals improvement capabilities; (3) different institutional investors have different relationship with CSP, only funds have morals preference and improvement capabilities. |
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| Keywords: | Institutional Investors Corporate Social Performance Shareholding |
| 本文献已被 CNKI 等数据库收录！ |
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