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论文编号：	6405
作者编号：	2120122564
上传时间：	2014/6/9 22:15:34
中文题目：	新能源上市公司机构投资者持股与企业绩效的相关性研究
英文题目：	The Correlation Research on the Relationship between Institutional Investors and Performance of Listed Companies in New Energy Industry
指导老师：	齐岳
中文关键字：	新能源行业；机构投资者；企业绩效
英文关键字：	New Energy Industry; Institutional Investors; Corporate Performance
中文摘要：	随着新能源产业的迅速发展越来越多的投资者将目光转向新能源企业，同时机构投资者作为投资的主力军越来越壮大，尤其是对于新能源企业来说，机构投资者所占比例很大，因此本文将对于机构投资者持股与新能源企业绩效的相关性加以研究分析，为投资者以及新能源上市公司提出相关建议具有重要的现实意义。 本文采用2008-2012五年的新能源上市企业数据，样本公司来源于大智慧软件新能源概念板块268家上市公司，共862个观测值。企业绩效指标分别选取总资产收益率、净资产收益率、每股收益和托宾Q值，并与下一期绩效进行对比分析，机构投资者持股比例分别选取的整体机构持股比例、基金持股比例、QFII持股比例以及一般法人持股比例进行分类分析。结果表明：（1）有机构投资者持股公司绩效要优于没有机构投资者持股的公司绩效；（2）整体机构持股比例与企业当期绩效、下一期绩效存在正相关关系；（3）不同机构投资者对于企业绩效影响不同，基金、QFII持股比例与企业绩效正相关，并且QFII对企业绩效的影响更大，而一般法人持股比例则与企业绩效负相关；（4）绩效指标选取变量不同时，机构投资者持股对于企业绩效的影响程度不同，影响企业绩效的其他重要变量的影响程度也有所不同。
英文摘要：	With the rapid development of new energy industries, more and more investors were turning to new energy companies, while institutional investors was growing a much more major force. Especially to new energy companies, institutional investors held a large proportion of stocks. As a result, this article was aimed to be a correlational analysis between institutional investors and corporate performance of new energy industry, and make recommendations for institutional investors and listed companies in the new energy industry. In this paper, the author adopted the data from 2008-2012 of listed companies, the sample comes from the concept plate of new energy from the Great Wisdom Software, which included 268 listed companies, a total of 862 observations. The indexes of company performance were selected as ROA, ROE, EPS and Tobin's Q, and also compared with the next step. The indexes of the institutional investors were selected as the overall institutional ownership, the Fund shareholding ratio, the proportion of QFII holdings as well as the general classification shareholding ratio. The results showed that: (1) The performance of the company which institutional investors held was better than the performance of the company which had no institutional ownership; (2) There was a positive correlation between the overall proportion of institutional ownership and corporate profit performance, and also the performance of the next issue; (3) Various institutional investors had different impact on the corporate performance. Funds, QFII shareholdings were positively correlated with the corporate performance, and QFII had a greater impact on the performance. However, the shareholding ratio of general classification was negatively correlated with corporate performance; (4) Different index of the performance led a different impact on corporate performance, and the impact on firm performance of other important variables were different.
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