摘要
机构投资者是否具有治理效应是一个重要的理论和实务问题,但现有文献并未得到一致结论。本文以我国上市公司为研究样本,采用实证研究方法,从贷款软约束视角研究了我国的机构投资者的治理效应问题。本文的研究发现,机构投资者不仅没有改善我国的贷款软约束问题,反而起到了"推波助澜"的作用,加剧了贷款的软约束程度。上述结果表明,从目前来看,我国的机构投资者更多的仍然扮演着"投机者"的角色,它们的公司治理作用尚未得到体现。
Whether institutional investors can play a role of corporate governance is an important theoretical and practical problem, but extant literature hasn＇t got a widely accepted conclusion about this problem. Based on the sample of the listed companies in China, this paper examines the role of corporate governance of institutional in- vestors from the perspective of loan soft restriction. The result shows that institutional investors not only improve the problem of loan soft restriction, but also increase the degree of loan soft restriction. The result shows that Chinese institutional investors still play the role of ＂speculators＂ but not the corporate governance role.
出处
《经济管理》
CSSCI
北大核心
2011年第4期16-23,共8页
Business and Management Journal ( BMJ )
基金
国家自然科学基金"政治关联对企业价值的影响机制研究"(71002032)
"管理者特征
企业投资及其经济后果"(70972129)
中国人民大学研究生科研基金项目"政府干预与国有企业的高管激励"(11XNH092)
关键词
机构投资者
治理效应
贷款软约束
投资效率
institutional investors
governance effect
loan soft restriction
investment efficiency
