摘要
以2001—2012年沪深两市A股上市公司为研究对象,考察了机构投资者异质性对企业绩效的影响。研究发现,机构投资者能显著提高企业绩效。进一步将机构投资者划分为稳定型与交易型机构投资者后,发现与交易型机构投资者相比,稳定型机构投资者对企业绩效的影响更加显著。研究结果表明机构投资者尤其是稳定型机构投资者发挥了监督作用,能有效地缓解代理冲突,降低信息不对称程度,有利于企业绩效的提升。
We use the sample data of Shanghai and Shenzhen A-share listed companies between 2001 and 2012, exploring in- stitutional investor heterogeneity＇s effect on firm performance. Our findings show that institutional investors have a significant positive effect on the firm performance. We divide institutional investors into the stable institutional investor and the unstable institutional investor. A further analysis shows that the stable institutional investors have a more signifieant effect on firm per- formance than the unstable institutional investors. The findings show that institutional investors, especially the stable institu- tional investors, can effectively mitigate corporate agency conflicts by reducing the information asymmetry between stock share- holders and managers.
出处
《审计与经济研究》
CSSCI
北大核心
2014年第5期77-87,共11页
Journal of Audit & Economics
基金
国家自然科学基金项目(71303024)
中国人民大学商学院研究生科学研究基金项目(14XNH234)
关键词
企业绩效
机构投资者异质性
稳定型机构投资者
交易型机构投资者
代理冲突
信息不对称
企业绩效
证券市场
公司治理绩效
firm performance
institutional investor heterogeneity
stable institutional investors
unstable institutional investors
agency conflict
information asymmetry
enterprise performance
stock market
corporate governance performance
