机构投资者投资风格变动与上市公司绩效

根据我国2006-2008年之间存续的基金数据分析,发现不同投资风格类别的机构投资者所持股的上市公司表现出显著的差异。无论从短期还是长期来看,由投资风格保持不变的机构投资者持股的上市公司业绩更好。与以往文献不同的是本研究不仅验证了机构投资者已经发挥了积极的治理作用,同时还为深入理解机构投资者内部组成的差异提供了经验证据,这对理论界、投资者和政府监管部门具有参考价值。

Institutional Investors' Change of Investment Style and Listed Company's Performance

Using the funds data from 2006 to 2008 in China,we find significant differences of performance in different institutional investors'investment style categories.Regardless of short or long term,listed companies which are held by institutional investors of unchanged investment style will have a better performance.Different from the previous literature,this paper not only has verified that the institutional investors have already played an active role in governance,but also provided the empirical evidence for understanding the differences about the composition of institutional investors,which are valuable to the theoretical circle,investors and government regulators.