發(fā)布時(shí)間：2018-05-26 01:11

  本文選題：機(jī)構(gòu)投資者網(wǎng)絡(luò) + 公司治理績(jī)效　； 參考：《天津財(cái)經(jīng)大學(xué)》2012年碩士論文

【摘要】：機(jī)構(gòu)投資者網(wǎng)絡(luò)現(xiàn)象在中國(guó)上市公司中已經(jīng)成為一個(gè)普遍存在的現(xiàn)象,但國(guó)內(nèi)外學(xué)者的研究卻很少探討中國(guó)機(jī)構(gòu)投資者網(wǎng)絡(luò)現(xiàn)象。因此,本文基于機(jī)構(gòu)投資者網(wǎng)絡(luò)現(xiàn)象進(jìn)行了相關(guān)概念探討和實(shí)證研究,旨在使我們對(duì)機(jī)構(gòu)投資者網(wǎng)絡(luò)有一個(gè)較為深入的認(rèn)識(shí),并為中國(guó)公司治理實(shí)踐提供指引。 本研究從理論上對(duì)我國(guó)機(jī)構(gòu)投資者網(wǎng)絡(luò)含義、相關(guān)特征以及形成機(jī)制進(jìn)行深入探討；對(duì)機(jī)構(gòu)投資者網(wǎng)絡(luò)介入公司治理的理論基礎(chǔ)進(jìn)行分析,并在此基礎(chǔ)上提出研究假設(shè)；對(duì)機(jī)構(gòu)投資者網(wǎng)絡(luò)介入公司治理微觀因素進(jìn)行分析,并對(duì)本研究的理論邏輯架構(gòu)模型進(jìn)行構(gòu)建。在研究方法上,首先采用了描述性統(tǒng)計(jì)分析方法對(duì)我國(guó)機(jī)構(gòu)投資者網(wǎng)絡(luò)發(fā)展現(xiàn)狀進(jìn)行描述,現(xiàn)狀描述包括我國(guó)機(jī)構(gòu)投資者網(wǎng)絡(luò)存在的普遍性、機(jī)構(gòu)董事分布、機(jī)構(gòu)投資者網(wǎng)絡(luò)規(guī)模以及各類機(jī)構(gòu)投資者每年持股變化情況,并對(duì)本研究選取的自變量、因變量以及控制變量進(jìn)行描述性統(tǒng)計(jì)。接下來(lái)對(duì)面板數(shù)據(jù)模型進(jìn)行選擇,并通過(guò)相關(guān)性檢驗(yàn)后進(jìn)行實(shí)證研究。 本研究以上海證券交易所2008-2010年存在機(jī)構(gòu)投資者的252家上市公司為樣本,以Tobin's Q為衡量公司治理績(jī)效的因變量,以機(jī)構(gòu)投資者網(wǎng)絡(luò)總體持股規(guī)模、機(jī)構(gòu)投資者網(wǎng)絡(luò)持股集中度以及機(jī)構(gòu)董事比例為自變量,采用面板數(shù)據(jù)模型深入考察機(jī)構(gòu)投資者網(wǎng)絡(luò)對(duì)公司治理的績(jī)效實(shí)際影響進(jìn)行實(shí)證研究檢驗(yàn)。研究結(jié)果表明：機(jī)構(gòu)投資者網(wǎng)絡(luò)持股規(guī)模的增加可以提高公司績(jī)效；機(jī)構(gòu)投資者網(wǎng)絡(luò)集中度越高,對(duì)公司治理績(jī)效產(chǎn)生不利的影響。
[Abstract]:The phenomenon of institutional investor network has become a common phenomenon in listed companies in China, but few scholars at home and abroad have explored the phenomenon of institutional investor network in China. Therefore, based on the phenomenon of institutional investor network, this paper carries on the related concept discussion and the empirical research, in order to make us have a deeper understanding to the institutional investor network, and provides the guidance for the practice of corporate governance in China. This study theoretically discusses the meaning, relevant characteristics and formation mechanism of institutional investor network in China, analyzes the theoretical basis of institutional investor network intervention in corporate governance, and puts forward the research hypothesis on this basis. This paper analyzes the micro factors of institutional investor network involvement in corporate governance, and constructs the theoretical logical framework model of this study. In the aspect of research methods, firstly, the descriptive statistical analysis method is used to describe the current situation of institutional investor network in China, including the universality of institutional investor network and the distribution of institutional directors. The scale of institutional investor network and the changes of institutional investors' stock holdings are analyzed. The independent variables, dependent variables and control variables selected in this study are analyzed. Then the panel data model is selected, and the empirical research is carried out after the correlation test. This study takes 252 listed companies with institutional investors in Shanghai Stock Exchange from 2008 to 2010 as a sample, takes Tobin's Q as the dependent variable to measure corporate governance performance, and takes the total shareholding scale of institutional investor network as a whole. The degree of institutional investor network ownership concentration and the proportion of institutional directors are independent variables. The panel data model is used to investigate the actual impact of institutional investor network on corporate governance. The results show that: the increase of institutional investors' network shareholding scale can improve corporate performance, and the higher the concentration of institutional investors' network, the more adverse impact on corporate governance performance.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F270.7;F224;F832.4

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