机构投资者持股特征研究述评

国外关于机构投资者持股与公司特征的研究经历了不断丰富和不断细化的阶段。研究者从单纯的财务指标研究扩展到以某一个角度为重点，同时控制重要影响变量的多角度研究；对于机构投资者的类别划分也更为详细，开辟了分类对比研究的新方法。在机构投资者持股与公司治理信息的研究方面，西方的研究根据机构投资者的成熟程度不仅考察机构投资者对公司治理信息的被动关注，而且将研究视角更多地放到机构投资者对公司治理信息的积极影响方面。在我国，机构投资者与公司治理信息的研究还不多见，而且在研究内容上还不够广泛与深入，在机构投资者持股与公司治理信息二者的关系上还存在梳理不清晰，甚至是错误的现象。

A Review of the Characteristics of Institutional Stock Holders

The researches of characteristic of foreign institutional investors are increasing and detailed continuously. The focus has extended from the purely financial indicators to multi-dimensional analysis by controlling the effects of some important variables. Meanwhile, the researches open up a comparative method to examine the difference of different categories institutional investors. Especially, the researchers not only analyze the effects of, but also examine the effects of corporate governance on institutional stock holders on corporate governance. There are few researches of the association between institutional ownership and corporate governance in China, which is not enough in depth and width. Sometime the conclusion is not robust, and even is wrong.