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论文编号：	8319
作者编号：	2120142482
上传时间：	2016/6/7 17:42:29
中文题目：	制度环境和机构投资者异质性对投资效率的影响研究
英文题目：	A Study on the Influence of Institutional Environment and Institutional Investors Heterogeneity on Investment Efficiency
指导老师：	张晓农
中文关键字：	制度环境;机构投资者;机构投资者异质性;投资效率
英文关键字：	institutional environment;institutional investors;institutional investors heterogeneity;investment efficiency
中文摘要：	无论是从微观还是宏观的角度来看，投资都发挥着至关重要的作用。然而投资结果存在大量的不确定性，如何提高投资效率成为了社会关注的热点问题。投资效率的影响因素很多，本文从内部治理机制和外部制度环境入手开展研究。随着资本市场的不断繁荣，机构投资者出现并迅速壮大起来。尽管有关机构投资者的文献越来越丰富，但以往涉及机构投资者与投资效率关系的研究并没有得到一致的结论，而且忽视了外部制度环境的影响。鉴于上述不足之处，本文依据规模、产权性质、地域差异、独立性和稳定性五个标准，分类研究机构投资者，进而考察其对投资效率的影响，以及制度环境在两者之间的调节作用。 本文基于委托代理理论、信息不对称理论以及现代制度理论，提出了研究假设，并利用2007年12月31日前发行A股上市的公司2010-2014五个会计年度的数据，验证了研究假设。实证研究发现：异质的机构投资者对投资效率的影响有所不同。大规模机构股东持股比例与投资效率正相关，与之相比，小规模机构投资者的促进作用减弱。国有机构股东持股比例与投资效率负相关，与之相比，非国有机构投资者的抑制作用减弱。境内机构股东持股比例与投资效率负相关，与之相比，境外机构投资者的抑制作用减弱。非独立型机构股东持股比例与投资效率负相关，与之相比，独立型机构投资者的抑制作用减弱。稳定型机构股东持股比例与投资效率正相关，与之相比，交易型机构投资者的促进作用减弱。除此之外，制度环境的正向调节作用得到了验证。 基于以往文献，本文归纳了机构投资者的分类标准，丰富了相关领域成果。在机构投资者和投资效率之间，加入制度环境作为调节变量，正是本文的创新之处。本文得到了三点实践启示：一是放宽持股比例限制，优化机构投资结构；二是健全监督机制，完善评价体系；三是加强外部制度环境的建设，期望能为中国经济转型提供一些参考。
英文摘要：	The investment plays a vital role whether from the micro or macro point of view. However, there's a lot of uncertainty in investment results. How to improve the investment efficiency has become the hot topic in society. Many factors influence the investment efficiency. This article carries out the research from the internal governance mechanism and external institutional environment. With the prosperity of capital market, the institutional investor appeared and boosts rapidly. Although the literature concerning the institutional investor is getting richer, previous studies on the relationship between the institutional investor and investment efficiency didn’t reach the same conclusion, and ignore the influence of external institutional environment. In consideration of the above shortcomings, this article classifies and studies the institutional investor on the basis of the five criteria including the scale, property rights, geographical differences, independence and stability, and then researches the influence of institutional investor on investment efficiency and the moderating effect of institutional environment between them. This article puts forward hypotheses on the basis of the principal-agent theory, asymmetric information theory and modern system theory, and verifies hypotheses using data over five accounting years from 2010 to 2014 of companies listed through the issuance of A-share before December 31, 2007. The regression results show that: There are differences between influences of the heterogeneous institutional investor on investment efficiency. The stake of large institutional investor is positively correlated with investment efficiency, and the promoting effect of small institutional investor reduces by contrast. The stake of state-owned institutional investor is negatively correlated with investment efficiency, and the inhibiting effect of non-state-owned institutional investor reduces by contrast. The stake of domestic institutional investor is negatively correlated with investment efficiency, and the inhibiting effect of abroad institutional investor reduces by contrast. The stake of non-independent institutional investor is negatively correlated with investment efficiency, and the inhibiting effect of independent institutional investor reduces by contrast. The stake of stable institutional investor is positively correlated with investment efficiency, and the promoting effect of trading institutional investor reduces by contrast. In addition, this article verifies the positive moderating effect of institutional environment. On the basis of previous literature, this article sums up the classification standard of institutional investor and enriches results in related areas. It is the innovation of this article that joining the institutional environment as moderating variable between institutional investor and investment efficiency. This article gets three practical implications: Firstly, relax restrictions on the stake of institutional investor and optimize the structure of them; secondly, improve the supervision mechanism and perfect the evaluation system; thirdly, strengthen the construction of the institutional environment. Hope to offer some references for China's economic transformation.
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