机构投资者持股比例与公司绩效的实证分析——基于金融行业上市公司的实证分析

摘要

Compared with individual investors in the Chinese stock market, institutional investors have advantages in many as-pects, especially in providing fundamental and macroscopic analysis. With professional experts, institutions lay solid foundation for stock selection and holding. The development of institutional stock holders has a significant impact not only on the stock price but on the performance and profits-making of the listed companies in the capital market. Hence their way of stock selec-tion is used for reference by other institations and individual stock holders. The paper, based on the research of ownership proportions of listed companies in the financial industry, studies the relation between ownership proportions of institutional in-vestors and their performances. The result of the empirical study shows that there exists a positive correlation between the two.%　　中国股票市场机构投资者相对于个体散户而言，各方面都具有优势，尤其是在对股票进行基本面和宏观面的分析时，机构有其自己的一些专业人才，能够为证券选股、持股奠定坚实的基础。机构投资者的发展不仅会对资本市场中的上市公司的证券价格产生影响，也必然会对上市公司的绩效产生影响。基于此，很多其他机构或者散户会借鉴其选股方式，进行正确的投资。本文基于金融行业的上市公司的机构持股比例，研究其机构持股比例与该公司经营绩效之间的关系。实证结果表明：机构投资者的持股比例与上市公司绩效之间存在一定程度的正相关关系。