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本文对我国上市公司机构投资者治理的异质性问题进行了研究,发现由于投资规模、投资周期、成熟度、监管程度及行业规范等五个方面的影响,机构投资者在参与被投资企业的公司治理时确实存在异质性的行为。证券投资基金、证券公司、QFII和社保基金持股能为企业绩效带来正面影响,而信托公司、保险公司和阳光私募持股后并未对企业绩效产生显著影响。研究结果支持了我国机构投资者发展不均衡、且参与治理程度有待提高的论点。
This paper studies the heterogeneity of corporate governance of listed companies in China and finds that due to the impact of five aspects of investment scale, investment cycle, maturity, regulatory level and industry standards, institutional investors’ participation in the investee There is indeed a heterogeneous behavior in corporate governance. Securities investment funds, securities companies, QFIIs and social security funds holding can have a positive impact on corporate performance, while trust companies, insurance companies and Sunshine Private Equity have no significant impact on corporate performance. The results support the argument that the institutional investors in our country are not well-balanced and their participation in governance needs to be improved.