| 机构投资者角色发凡:2004～2007年部分上市公司样本 |
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| 引用本文： | 唐松莲,袁春生.机构投资者角色发凡:2004～2007年部分上市公司样本[J].改革,2012(1):131-140. |
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| 作者姓名： | 唐松莲 袁春生 |
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| 作者单位： | 华东理工大学商学院;江西师范大学财政金融学院 |
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| 基金项目： | 国家自然科学基金项目“机构投资者禀赋差异对其选股偏好及作用于公司效应的影响研究——来自后股改时期的证据”(批准号:71002052);教育部人文社会科学研究青年项目“基于投资者禀赋差异的价格发现机制——来自中国资本市场的研究”(批准号:09YJC630072) |
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| 摘 要： | 随着机构投资者的壮大,机构投资者在公司治理是扮演何种角色已成为我国制定相关政策的基础。利用2004～2007年沪深两市机构持股的上市公司为样本进行的实证研究发现,越高比例的机构持股及长线机构有助于提升公司业绩,表现为投资者角色;与预期相反,短线机构也表现为投资者角色。进一步的研究发现,机构表现出投机者或投资者角色,主要由其在公司的持股比例决定。现阶段应积极推进公司持股的机构化和机构持股的长期化。
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| 关 键 词： | 机构投资者 投机者 投资者 上市公司样本 |
Introduction to the Roles of Institutional Investors: Some Listed Companies from 2004 to 2007 |
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| Tang Songlian Yuan Chunsheng.Introduction to the Roles of Institutional Investors: Some Listed Companies from 2004 to 2007[J].Reform,2012(1):131-140. |
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| Authors: | Tang Songlian Yuan Chunsheng |
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| Institution: | Tang Songlian Yuan Chunsheng |
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| Abstract: | With the growth of institutional investors,recognizing the role of institutional investors when governing company has become the basis of formulating relevant policies in China.In this paper,we use listed companies(2004~2007) which have institutional stockholdings as samples.The results found that the institutional investors showed investors’ role in the listed company,who have higher proportion of institutional ownership or long-term shareholding.Contrary to expectations,the short-term shareholding institutional investors also showed investors’ role.Further study found that the institutional investors’ roles of speculators and investors majorly depend on the proportion of their holdings.Therefore,we should promote the institutionalization of corporate ownership and long-term institutional stockholdings. |
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| Keywords: | institutional investors speculators investors samples of listed companies |
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