摘要
在控制权公利和控制权私利的分析框架下,本文从第二大股东持股的视角研究证券投资基金作为第二大股东持股对上市公司经营绩效的影响。本文发现:证券投资基金持股有利于提升对应公司的经营绩效,其持股比例越高,对应公司的经营绩效越高,且公司经营绩效与第二大股东持股比例呈倒"U"型关系。特别地,若公司的第二大股东为证券投资基金,其对该公司的经营绩效的正向影响更为显著,第二大股东和证券投资基金的双重身份强化了股权制衡的效果。因此,证券投资基金的健康、稳定发展,有利于促进我国上市公司治理水平的提高,改善上市公司的经营绩效。
In this paper, from the unique angle of the second-largest shareholder shareholding, we study the influence of the fund investing in securities, as the second-largest shareholder, to the operating performance of the listed companies, under the framework of the public profits and the private profits of the control rights. This paper found that the fund holding investing in securities contributes to the performance improvement of the corresponding company. And the higher the proportion of the fund holdings is, the better the performance of the corresponding company would be. Especially, if the securities-investing fund is the company＇s second-largest shareholder, it would positively impact on the corporate performance more significantly, since the double identity of the second-largest shareholder and the securities-investing fund has strengthened the effect of power balance with ownership structure. Therefore, the healthy and stable development of the securities-investing fund would promote the government level of the Chinese listed companies and so on improve the companies＇performance. This paper also found： the relationship between the corporate performance and the shareholding ratio of the second-largest shareholder is negative u-shape, which means that too much powerful balance with ownership structure cannot act well, in fact, mutual balance between the public profits and the private profits of the control rights better maximize the corporate value.
出处
《上海经济研究》
CSSCI
北大核心
2011年第1期68-78,共11页
Shanghai Journal of Economics
基金
国家自然科学基金项目(10471061)
教育部哲学社会科学创新基地项目"经济增长与结构转型研究"
关键词
股权制衡
第二大股东持股
证券投资基金
公司绩效
Power Balance with Ownership Structure
the Second-largest Shareholding
Fund Investing in Securities
Corporate Performance
