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论文编号：	5518
作者编号：	2120112415
上传时间：	2013/6/9 18:48:54
中文题目：	机构投资者持股比例对中国上市公司业绩的影响——以交通运输业上市公司为例
英文题目：	An Empirical Study of How Institutional Investor Shareholding Proportion Impacts on Listed Transportation Companies
指导老师：	王永进
中文关键字：	机构投资者持股，交通运输业，上市公司业绩，公司治理
英文关键字：	Institutional Investor Shareholding, Transportation Industry, Listed Company Performance, Corporate Governance
中文摘要：	本文以机构投资者持股比例对上市公司业绩的影响为研究内容，主要围绕着机构投资者的概念、分类、投资特征、发展历程、理论基础等方面，以交通运输业上市公司为例，研究了机构投资者持股公司治理机制和对上市公司业绩的影响，并探索机构投资者在中国的发展方向。文章首先对机构投资者持股已有研究进行了理论梳理、分析了机构投资者价值选择和价值创造的投资特点，以及机构投资者对上市公司和资本市场的良好作用，同时，本文发现机构投资者能够通过多种途径发挥其股东积极性。通过对交通运输业上市公司的实证研究，本文选取了机构投资者持股比例和持股比例年度改变量为主要的研究指标建立了回归模型并进行相关性分析，并对有机构投资者持股和没有机构投资者持股的该行业上市公司进行了业绩和公司治理结构的比较。最终，结论表明有机构投资者持股的交通运输业上市公司的业绩要远远优于没有被机构投资者持股，机构投资者对上市公司的价值具有选择性；通过对机构投资者持股比例改变量的相关性研究，本文发现机构投资者持股对上市公司有价值创造的作用。机构投资者正在开始转变其投资的行为特征而进行长期的持股行为，因此必然会参与董事会和股东大会的管理过程，进而对上市公司的业绩造成一定的影响。机构投资者持股能够帮助上市公司实现专业化的投融资管理，通过改善公司治理制衡度等指标对上市公司进行更好的监督和控制。本文通过研究中国目前的机构投资者现状，发现机构投资者持股的良好作用，并从规范机构投资者行为、改善机构投资者结构等方面提出了一些建议。本文的结论主要包括三个方面，首先，机构投资者能够发挥股东积极性，持股有利于上市公司业绩的提高。其次，机构投资者通过股权制衡能够改善上市公司的治理状况。最后，通过探索机构投资者的发展历程，本文提出了完善机构投资者影响公司治理过程，加强监管等方面的建议。
英文摘要：	This article studies how institutional investor shareholding proportion influences listed companies, around views of concept, classification, investment characteristics, development history and basic theory. It studies what corporate governance mechanism of institutional investor shareholding proportion is and how it works by case study of transportation listed companies and finally explores development direction of institutional investors in China. This article firstly cards the theories of relevant studies and analyses institutional investor characteristics of selection on valuation and value creation. In an empirical study of transportation companies, institutional investor shareholding proportion and its variation are taken into regression analysis and correlation analysis, and this article compares the difference of performance and corporate governance structure between companies held by institutional investors and those not. Finally result says that performance is better in companies held by institutional investors, as a result of that, institutional investors have played a role in value selection. In addition, through correlation analysis of institutional investor shareholding proportion and its variation, article finds that institutional investors have played a role in value creation. This article studies institutional investor current situation and finds good effect of institutional investor shareholding, finally, provides some suggestion from views of regulating institutional investor behavior and improving quality and diversity of them. This article has three conclusions: firstly, institutional investors could play a role in shareholders activism, and their holding can improve listed company performance. Secondly, institutional investors could do this by changing ownership control to improve corporate governance. Finally, this article provides suggestion of strengthen supervision and effects the ways institutional investors improve listed companies.
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