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本文以机构投资者影响公司绩效的相关研究为起点，从机构投资者、机构投
资者异质性、公司绩效等相关概念及基础理论入手，统计了机构投资者在信息技
术行业中的持股情况，发现其发展态势良好，有能力参与公司治理。然后对影响
公司绩效的动因和途径进行分析，为实证打下了理论基础。实证部分，选取沪深
两市A股信息技术上市公司2013—2015年的财务数据和2012—2014年的机构投
资者持股数据，用总资产净利率、息税前利润率、每股收益衡量公司绩效，采用
多元回归分析机构投资者持股对信息技术上市公司绩效的影响情况
研究结果显示，机构投资者持股比例、持股制衡度与信息技术上市公司绩效
显著正相关，即机构投资者持股对绩效有明显的促进作用。压力抵制型机构投资
者对绩效有明显提升作用，压力敏感型机构投资者对绩效有负向影响。通过进一
步研究发现，在不同企业性质下，只有压力敏感型机构投资者具有不同表现，对
国有企业绩效有负向影响。本文最后为了能让机构投资者在信息技术上市公司中
发挥积极效应，提高信息技术上市公司的绩效水平，依照实证结果有针对性的提
出了促进机构投资者多元均衡发展、加快国有信息技术上市企业股份制改革、建
立机构投资者信息披露制度等相关建议
关键词：机构投资者;机构投资者异质性;公司绩效II
Abstract
In recent years, the institutional investors have a rapid development with the
support of relevant legal policies in our country, showing a diversified development
trend. Institutional investors as an important investment subject, it owing the right to
speak gradually increase in listed companies, already have the ability to affect the
performance. The information technology industry as a new industry, not only occupy
the dominant position in economic development in our country, but also can promote
the adjustment of industrial structure.The technology innovation is the core in
information technology listed companies, and information technology listed
companies has a good economic benefit, favored by institutional investors. Therefore,
study the participation of institutional investors whether can promote the development
of information technology listed companies has a very important significance.
This paper bases on the related research of institutional investors influence the
companies performance, and starts from the related concepts of institutional investors,
institutional investors heterogeneity and corporate performance and basic theories,
and statistics on the holdings of institutional investors in the information technology
industry, found its development trend is good, have the ability to participate in
corporate governance. And then analyzes the motivations and ways that affect the
corporate performance, laying a theoretical foundation for the empirical. The
empirical part, the data from the information technology listed companies in Shanghai
and Shenzhen A-share, the financial data from 2013 to 2015 and the institutional
investors&39; shareholding data from 2012 to 2014, with total assets of net interest rate,
ebit margin, earnings per share measure of corporate performance, using multiple
regression analysis of institutional investors holding effect on information technology
company performance.
The results showing that there is a significant positive correlation between
institutional investors&39; shareholding ratio, ownership balance degree and information
technology listed companies&39; performance, that is, institutional investors&39; holdings
have a significant effect to performance. Pressure-resisting institutional investors haveIII
an obvious improvement to performance, and pressure-sensitive institutional investors
have a negative impact to performance. Through further study found that under the
nature of different enterprises, only the pressure-sensitive institutional investors have
different performance, have a negative effect to state-owned enterprise performance.
At the end of this paper, in order to make the institutional investors play a positive
effect in the information technology listed companies, improve the level of
information technology listed companies, according to the empirical results targeted
put forward some related suggestions, for example promote institutional investors
pluralistic balanced development, speed up the reform of state-owned enterprises into
stock companies in the information technology listed companies and establish
institutional investors information disclosure system.
Key words: Institutional investors; Institutional investors heterogeneity;
Corporate performance目 录
摘要....I
Abstract II
1 绪论.....1
1.1 研究背景..........1
1.2 研究意义..........1
1.3 文献综述..........2
1.3.1 机构投资者对公司绩效的积极影响...2
1.3.2 机构投资者对公司绩效的消极影响...4
1.3.3 机构投资者异质性对公司绩效的影响...........5
1.3.4 文献评述...........6
1.4 研究内容与研究方法..7
1.4.1 研究内容与框架...........7
1.4.2 研究方法...........8
1.5 本文可能的创新..........9
2 相关概念界定及理论基础...10
2.1 相关概念的界定........10
2.1.1 机构投资者.....10
2.1.2 机构投资者异质性.....14
2.1.3 公司绩效.........15
2.1.4 信息技术行业.16
2.2 理论基础........16
2.2.1 委托代理理论.16
2.2.2 公司治理理论.17
2.2.3 利益相关者理论.........18
3 机构投资者影响信息技术上市公司绩效的定性分析.......20
3.1 机构投资者持股情况20
3.1.1 我国机构投资者持股情况.....20
3.1.2 信息技术行业机构投资者持股情况.22
3.2 机构投资者影响信息技术上市公司绩效的动因....23
3.2.1 内在动因.........233.2.2 外在动因.........25
3.3 机构投资者影响信息技术上市公司绩效的途径....25
3.3.1 直接途径.........25
3.3.2 间接途径.........27
4 研究设计.......28
4.1 研究假设.......
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