机构投资者对上市企业绩效的影响

论文总字数：20436字

目 录

1导论....................................................1

1.1研究背景与意义........................................................1

1.1.1研究背景........................................................1

1.1.2研究意义........................................................1

1.2概念界定..............................................................1

1.2.1机构投资者......................................................1

1.2.2企业绩效........................................................1

1.3研究方法..............................................................1

2文献综述................................................2

2.1国内文献综述..........................................................2

2.2国外文献综述..........................................................2

2.3文献述评..............................................................3

3机构投资者对上市企业绩效影响的机理分析..................3

4机构投资者对上市企业绩效影响的实证研究..................5

4.1假设提出..............................................................5

4.2数据与变量选取........................................................6

4.2.1数据来源与样本选择..............................................6

4.2.2变量选取........................................................6

4.3模型构建..............................................................7

4.4实证结果分析..........................................................7

4.4.1描述性统计......................................................7

4.4.2回归分析........................................................8

5结论及对策建议..........................................9

5.1主要结论..............................................................9

5.2对策建议..............................................................9

参考文献.................................................10

致谢.....................................................12

机构投资者对上市企业绩效的影响

张瑜

,China

Abstract:Capitalism now developing rapidly,and China’s institutional investors team is becoming more and more big,institutional investor shareholding increase many,role in many aspects to be reckoned with,capital market also gradually become the main investment subject.This paper combines the domestic and foreign background, based on the three theoretical exploration institutional investors' impact on the performance of listed companies. It is hoped that the research of this paper can provide methods and Suggestions for improving the performance of listed enterprises, and research how to play the role of institutional investors so that listed companies can develop better. In this paper,A total of 3405 data of 681 sample companies listed before 2010 in Shanghai were selected to explore the impact of institutional investor shareholding on the performance of listed companies from 2012 to 2016.(1) There is a significant positive correlation between the overall shareholding ratio of institutional investors and the performance of listed enterprises.(2) There is a significant positive correlation between the growth ability of listed enterprises and the performance of listed enterprises.(3) There is a significant positive correlation between the enterprise scale and the performance of listed enterprises.(4) There is a significant positive correlation between the solvency of an enterprise and the performance of listed enterprises. Through the demonstration of this paper, it can be seen that institutional investors' shareholding ratio can indeed improve the performance of listed enterprises. Through the research of this paper, it is hoped that institutional investors can better play their role in the performance of listed companies and add to the development of listed enterprises.

Keyword:listed company；performance；institutional investor

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