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本文通过2001年至2014年间中国证券市场中上市公司与基金持股的数据,研究上市公司董事会会议的特征与基金持股的关联。本文从公司治理的角度,基于固定效应的实证模型探讨了基金持股与董事会行为特征的潜在关系,并且在确定董事会会议频率影响时,按层次考虑了其它与董事会会议相关的变量,估计了其对基金持股的影响。实证结果显示,董事会会议频率越高、女性董事比率越低、代理独立董事参会的次数越低,基金越倾向于持有该上市公司的股票。本文的结论表示,通过对董事会会议特征的分析,基金选择持有公司治理较好的上市公司的股票,基金的市场行为也会促进上市公司进行积极的公司治理。
Based on the data of listed companies and funds in China’s securities market from 2001 to 2014, this paper studies the relationship between the characteristics of board meetings of listed companies and fund holdings. From the perspective of corporate governance, this paper explores the potential relationship between fund holdings and board behavior characteristics based on the empirical model of fixed effects. When determining the frequency of board meetings, other variables related to board meetings are considered at different levels, Impact on fund holdings. The empirical results show that the higher the frequency of board meetings, the lower the ratio of female directors and the lower the number of independent directors attending the meeting, the more the fund tends to hold the shares of the listed company. The conclusion of this paper shows that through the analysis of the characteristics of the board meeting, the fund chooses to hold the stocks of the listed companies with good corporate governance, and the market behavior of the funds will also promote the positive corporate governance of listed companies.