论文部分内容阅读
机构投资者在我国资本市场扮演越来越重要的角色。本文以1104家A股上市公司为例,分析我国机构投资者对企业绩效的影响。在内生性问题得到控制的基础上,本文研究结果表明我国机构投资者的参与总体而言有助于促进被投资企业的财务绩效;但是不同类型的机构投资者在企业财务绩效提升中的作用具有异质性,具体而言,压力不敏感型机构投资者的参与对企业财务绩效的提升具有积极作用,但并未发现压力敏感型机构投资者与企业财务绩效之间的显著性关系。
Institutional investors play an increasingly important role in our capital markets. This paper takes 1104 A-share listed companies as an example to analyze the impact of institutional investors on corporate performance in China. Based on the control of endogenous issues, the results of this paper show that the participation of institutional investors in our country contributes to the financial performance of the investees in general. However, the role of different types of institutional investors in improving the financial performance of the firms has Heterogeneity, in particular, the participation of pressure-insensitive institutional investors has a positive effect on the improvement of corporate financial performance, but did not find a significant relationship between pressure-sensitive institutional investors and corporate financial performance.