【作者】 王帅；

【导师】 徐向艺；

【作者基本信息】 山东大学 ， 企业管理， 2008， 硕士

【摘要】 上世纪80年代后西方国家机构投资者积极主义兴起,其主要原因是各国资本市场、控制权市场的发展和各国法律制度的调整,机构投资者规模扩大后难以通过抛售股票获得长期收益,需要通过积极参与公司治理来保障自身获利能力和市场地位。机构投资者参与公司治理成为公司外部治理机制的重要组成部分。我国机构投资者近年来迅速发展,随着股权分置改革的进行和相关政策法规的调整,我国机构投资者参与公司治理的能力逐步提高。国内外学者对机构投资者参与公司治理进行了广泛的研究,主要集中于机构投资者参与公司治理的因素、主要的渠道和机构投资者参与公司治理的效果。在理论分析的基础上,众多学者采取了实证分析的方法对该问题进行研究,所取得的实证结果是混合的,这说明学术界对机构投资者参与公司治理的效果并未取得一致的观点。基于此,有必要在不同的市场环境和法律条件下分别进行研究,同时,该问题是一个不断发展的问题,需要持续的研究。美国机构投资者参与公司治理的积极性较高,机构投资者结构比较健全。通过分析美国机构投资者的实践经验有助于给我国机构投资者提供启示和借鉴,本文分析了美国机构投资者参与公司治理的动因、障碍和途径。通过与其比较,我国机构投资者参与公司治理正经历着美国曾经走过的从混乱到逐步自我调整和完善的历程,机构投资者结构尚需完善,相应的政策法规应进一步健全,应逐步采取灵活的途径参与公司治理。本文选取了2004年—2006年沪深股市上市公司的样本进行实证研究,在这三年中我国机构投资者所处的市场环境和政策环境都发生了较大变化,研究中选取了三年的截面数据和混合截面数据,截面数据反映了各年度的情况,混合截面数据反映了整体的趋势。实证研究分别从机构投资者对公司绩效的影响、对公司管理人员薪酬影响和对公司内部治理机构的影响三个方面分析。通过对三年数据的统计分析发现机构投资者对公司绩效有积极作用;机构投资者在现阶段有助于高管薪酬的提高;机构投资者对公司治理机构的影响不显著。本文在实证结论基础上提出了相应的政策建议,我国现阶段应优化机构投资者结构,既要大力发展投资基金发挥其稳定股市的作用,又要发展养老基金、保险基金等长期资金提高机构投资者的稳定性,强化机构投资者对公司治理的关注;在发展机构投资者的同时应促进金融市场健康稳定发展,推动股指期货等金融工具的发展;机构投资者应完善自身内部治理机制。在发展机构投资者的同时还应加强相关法规的建设,逐步提高上市公司质量。本文创新点在于通过2004年-2006年的数据研究了机构投资者参与公司治理的最新动态,丰富了现有的实证研究。并且,不同于以往由绩效或薪酬单方面考察机构投资参与公司治理的状况,本文通过多方面的实证检验,系统分析了机构投资者对公司治理的影响。更多还原

【Abstract】 The institutional investor activism rase during 1980s in the western countries.It mainly attribute to the development of capital market and controling market,the change of law in these countries is another reason.For the large scale of the institutional investor,they cannot get the long-term revenue from selling the stocks they hold,they need take take part in corporate governance to ensure their revenue and market place.Institutioal investor taking part in corporate governance has been an important mechanism . Along with the reform of non-tradable shares and adjustment of policies ,the institutional investor rapidly developed in China ,the power of influence corporate governance increasingly enhanced.Domestic and foreign scholars researched the institutional investor comprehensively,most of the researches focused in three aspects:the factor of institutional investor taking part in corporate governance,the main channel that institutional investor adopt to take part in corporate governance,the effect of institutional investor taking part in the corporate governance.Beside theories,many scholars adopt demonstration to research the problem,the results are different,the academe has not got a consistent viewpoint.For this reason,we need research the problem in different market and law.Because institutional investor taking part in corporate governance is a developing problem it is necessary to research this problem continuously.The institutional investor is enthusiasm in American,there are all kinds of institutional investors in American.We can leran good experience from research the practise of American institutioanl investor.Compare with American institutional investor we can find that the institutional investor in China is undergoing the period from confusion to perfect,the structure of institutional investor need perfect and relevant policies need enrich,institutional investor need flexible approach to take part in the corporate governance.In this paper,we use the date of listed company from 2004 to 2006.We get the listed company from Shanghai and Shenzhen stock market.The research include three aspects:the relationship between institutional investor and corporate performance,the relationship between institutional investor and mananger salary,the relationship between institutional investor and the operation of inside governance.From the result it appears that institutional investor can actively affect corporate performance,institutional investor can increase mananger salary,there isn’t marketbal relationship between institutional investor and the inside governance.The structure of institutional invester should be optimized,investment fund、pension fund、insurance fund should be developed. At the same time,we should keep the capital market healthy and steady,perfect the inside governance of institutional investor,increase the quality of listed company,make a good environment of law.The date is an innovation,we use the date from 2004 to 2006,these dates can reflect the new trends on this topic.Another innovation is researching the topic from three approachs,the integrated research can reflect the topic systematically.更多还原