摘要
对深沪两市2010-2014年连续披露财务报表的A股物流业上市公司进行研究,探讨了非效率投资受到机构投资者异质性的作用机理,将机构投资者区分为稳健型与投机型。结果表明,物流业非效率投资受到机构投资者持股抑制作用,且稳健型机构投资者的作用更明显。这说明与投机型相比校而言,物流业投机型机构投资者更能够抑制非效率投资行为,能更有效的在公司治理当中发挥其监督作用以及解决代理冲突问题。
The paper studies the sample of the two cities of Shenzhen and Shanghai from 2010 to 2014, the financial statements of A shares of Listed Companies in logistics industry, discusses the non-efficiency of investment by the mechanism of heterogeneity of institutional investors, and institutional investors will be divided into steady and speculative. The results show that the inefficient investment in logistics industry is inhibited by institutional investors, and the role of steady institutional investors is more obvious. This shows that compared with the investment model, the speculative institutional investors in logistics industry can inhibit the non-efficiency investment behavior, which can be more effective in the corporate governance in playing its supervisory role and solving the agent conflict problem.
出处
《阜阳师范学院学报（自然科学版）》
2017年第4期92-96,共5页
Journal of Fuyang Normal University(Natural Science)
基金
安徽省省级科研机构校级委托专项课题(2015WLGH04
2016WLGH02)资助
