文献类型：期刊文献

中文题名：机构投资者的持股量与公司业绩相关关系研究

英文题名：On Relationship of Institutional Investor's Shareholding and Firm Performance

作者：崔丹[1]

第一作者：崔丹

机构：[1]河南财经政法大学金融学院

第一机构：河南财经政法大学金融学院

年份：2014

卷号：23

期号：2

起止页码：45-49

中文期刊名：河南教育学院学报：自然科学版

语种：中文

中文关键词：机构投资者;公司业绩;持股量;内生性;二阶最小方差(2SLS)

外文关键词：institutional investor; firm performance; shareholding; endogeneity; 2SLS

摘要：以英国市场为背景,研究机构投资者的持股量对其持股公司业绩的影响.筛选出FTSE350企业中持股量大于10%的机构投资者,利用OLS和2SLS回归分析得知,机构投资者的大量持股对于企业的业绩有负面影响.同时,2SLS分析显示了该关系存在内生性,即业绩好的公司会吸引机构投资者持股量的增加.但这种影响随着行业分类因素的介入,而变得不具有持续性.总体来说,机构投资者持股量越大,对于企业产生的负面影响越大,而机构投资者倾向于投资业绩较好的公司.
Based on the British market, the impact of institutional investor＇ s shareholding on firm performance is researched. By the application of OLS and 2SLS regressions, the essay concludes that institutions with shareholding larger than 10% have negative impact on firm performance. And firms with good performance tend to attract institutional investors＇ investment. But this impact becomes inconsistent when industry dummies are added to the system. In general, with the increasing shareholding of the institutional investors, the negativity of the impact on firm performance becomes greater. At the meantime, institutional investors tend to invest those firms that have better performance than others.