期刊论文

Empirical Research of the Relation between Institutional Investor shareholding and Capital Expenditure

中文

山西财经大学学报

1007-9556

2009

31

8

85-91

国家司法部中青年课题(08SFB3029)

本校为其他机构

资本支出决策是公司投资决策的主要内容之一,对公司长远发展至关重要。由于公司控股股东占用上市公司资金,我国上市公司的资本支出受到很大限制。机构投资者是公司外部大股东,能够有效监督公司管理层,降低代理成本并解决代理问题。本文的实证结果表明,在上市公司尤其是国有控股上市公司,控股股东持股比例与公司资本支出显著负相关,但机构投资者整体持股及证券投资基金持股与公司资本支出正相关,这说明我国机构投资者整体上能有效制衡控股股东通过关联交易等非资本支出方式侵占公司资金,促进公司资本支出,保护中小投资者利益。本文的贡献在于从资本支出的角度提供了机构投资者对公司进行有效监督...

Capital expenditure , which is vital to corporate future development, is one of the major contents of eorporate inveslment decision. But due to the serious inner eontrolling and main shareholder＇ s eceupy of the fund of listed companies, their capital expenditure is seriously affected. Institutional investor is the outer bloekholder of corporate, and is able to monitor company management efficiently. The paper verifies empirically that institutional investors and mutual funds in China can monitor company management efficiently, and boycott the occupy of fund by company co...