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论文编号：	7429
作者编号：	2120132358
上传时间：	2015/6/9 20:04:23
中文题目：	机构投资者持股、研发投入与企业价值
英文题目：	Institutional Investors’ Shareholding 、R&D
指导老师：	周宝源
中文关键字：	机构投资者持股；企业价值；研发投入；中介效应
英文关键字：	Institutional Investors；Firm Value；R&D Investment；Mediating Effect
中文摘要：	自2001年证监会提出“超常规发展机构投资者”战略以来，我国的机构投资者快速发展壮大，渐渐在资本市场中发挥出越来越重要的作用，成为一股不可忽视的力量。2007-2013年A股上市公司机构投资者平均持股比例从20.84%上升到39.11%。在机构投资者持股比例持续攀升的同时，其对企业和市场的影响力也在持续加强。本文的研究就是在此背景下展开的。 本文以2010-2013年1027家A股高新技术上市公司的数据为样本进行研究，将研发投入作为中介变量引入，实证检验在高新技术企业中，研发投入能否对机构投资者持股与企业价值产生中介效应。检验结果表明：在高新技术企业，研发投入是机构投资者与企业价值之间的中介变量，确实对机构投资者持股与企业价值起到中介效应作用，且为部分中介效应。机构投资者具有的优势让他们能有效监督管理者的短视行为，促使管理者加大研发投入，从而获得企业价值增长所带来的超额回报。同时，本文还用非高新技术企业的数据进行了对比研究，研究发现在非高新技术企业中，虽然机构投资者也能促进企业价值的提升，但是该中介效应是不存在的。 本文又进一步依据是否与被投资单位存在业务联系，将机构投资者分成两大类——压力抵抗型和压力敏感型继续进行实证检验。检验结果表明：压力抵抗型机构投资者能促进企业价值增长，研发投入同样是这两者之间的中介变量，起到部分中介效应作用。压力抵抗型机构投资者由于和被投资单位不存在业务联系，只存在单纯的投资关系，他们不受短期目标的影响，因此能积极参与公司治理，坚持自己的价值投资原则。而压力敏感型机构投资者与企业价值之间则没有通过中介效应检验，主要是因为压力敏感型机构投资者与企业有着或多或少的业务往来关系，为了维持这种关系，他们不会轻易反对管理层，而是会选择保持中立，更甚者会表示支持。同时，在非高新技术企业的对比研究中，这两类机构投资者均没有通过中介效应检验。
英文摘要：	Since the “extraordinary development of institutional investors” strategy from China Securities Regulatory Commission in 2001, China's institutional investors develop rapidly, and has become an important power for the stock market . From 2007 to 2013, the average stake of institutional investors of A-share listed companies increased from 20.84% to 39.11%. As institutional investors stake rising, its influence on market and firms has also been strengthened. This study is undertaken in this context. This paper uses the disclosure of 1027 A-share listed high-tech companies from 2010 to 2013 as samples, introducing R&D investment as a mediating variable, to study the mediating effect of R&D investment on institutional investors’ shareholding and firm value. The empirical result shows that: R&D investment is the mediating variable between institutional investors and firm value, and the mediating effect of R&D investment on institutional investors’ shareholding and firm value did exist. Institutional investors have their own advantages, so that they can supervise short-sighted managers effectively, prompting managers to increase investment in R&D to gain excess returns brought by the firm value growth. At the same time, we also use non-high-tech enterprises’ data for comparation, the result shows that in non-high-tech enterprises, although institutional investors also can promote the firm value, but the mediating effect does not exist. For further study, we divided institutional investors into two part: pressure -resistant and pressure-sensitive. The empirical result shows that: the pressure-resistant institutional investors can promote enterprise value, and R&D investment is also a mediating variable between the two. The partial mediating effect exsit. Pressure-resistant institutional investors has no business contacts with investees, there is only pure investment relations,so they won’t be affected by short-term goals easily, and therefore be able to participate in corporate governance actively, sticking to their principles of value investment. The mediating effect test of R&D investment on pressure-sensitive institutional investors’ shareholding and firm value stopped at the first step, for pressure-sensitive institutional investors can not enhance the firm value. Beacuse there exsist business dependencies between the pressure-sensitive institutional investors and the investees to some extent, and the pressure-sensitive institutional investors do not want to undermine this relationship, they tend to take a neutral stance or to support corporate’s decision .Meanwhile,in the comparetion research, neither the pressure-resistant institutional investors nor the pressure-sensitive institutional investors passed the mediating effect test.
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