机构投资者对公司治理影响研究

经济理论与经济管理 ›› 2007, Vol. ›› Issue (8): 34-39.

机构投资者对公司治理影响研究

王彩萍¹, 李善民²

1. 中山大学旅游学院, 广州, 510275;
2. 中山大学管理学院, 广州, 510275

收稿日期:2007-06-15 出版日期:2007-08-16 发布日期:2012-03-01
基金资助:
教育部人文社会科学研究项目(06JA630077);中山大学文科青年教师科研基金项目(4101024)

Received:2007-06-15 Online:2007-08-16 Published:2012-03-01

摘要/Abstract

摘要： 由于各国历史及现实制度环境的差异,机构投资者的范畴不尽相同,如美国的机构投资者包括养老基金、共同基金、保险公司、投资基金,以及由银行和基金会管理的基金等,而英国的机构投资者则包括保险公司、养老基金、指数基金、信托投资公司。在20世纪后20年,很多国家的机构投资者都得到显著发展,并成为上市公司治理中的一只重要力量。

王彩萍, 李善民. 机构投资者对公司治理影响研究[J]. 经济理论与经济管理, 2007, (8): 34-39.

[1] W.T.Carleton,J.A.Nelson,M.S.Weisbach.The Influence of Institutions on Corporate Governance through Private Negotiations:Evidence from Tiaa-cref[J].Journal of Finance,1998,(53):1 335-1 362.
[2] M.C.Jensen.The Modern Industrial Revolution,Exit and the Failure of Internal Control Systems[J].Journal of Financial Economics,1993,(3):305-360.
[3] E.Maug.Large Shareholders as Monitors:Is There a Trade-off between Liquidity and Control?[J].Journal of Finance,1998,(53):65-98.
[4] S.L.Gillan,L.T.Starks.Corporate Governance Proposals and Shareholder Activism:The Role of Institutional Investors[J].Journal of Financial Economics,2000,(57):275-305.
[5] J.M.Karpoff.Public Versus Private Initiative in Arctic Exploration:The Effects of Incentives and Organizational Structure[J].Journal of Political Economy,2001,(109):38-78.
[6] R.Parrino,R.W.Sias,L.T.Starks.Voting with Their Feet:Institutional Ownership Changes around Forced CEO Turnover[J].Journal of Financial Economics,2003,(68):3-46.
[7] P.David,R.Kochhar,E.Levitas.The Effect of Institutional Investors on the Level and Mix of CEO Compensation[J].Academy of Management Journal,1998,(2):200-208.
[8] M.P.Smith.Shareholder Activism by Institutional Investors:Evidence from CALPERS[J].Journal of Finance,1996,(51):227-252.
[9] A.Cosh,A.Hughes.Executive Remuneration,Executive Dismissal and Institutional Shareholdings[J].International Journal of Industrial Organization,1997,(15):469-492.
[10] D.Clay.The Effects of Institutional Investment on CEO Compensation[R].University of Southern California Working paper,2000.
[11] J.Hartzell,L.Starks.Institutional Investors and Executive Compensation[J].The Journal of Finance,2003,(58):2 351-2 374.
[12] J.A.Brickley,R.C.Lease,C.W.Smith,Jr.Ownership Structure and Voting on Antitakeover Amendments[J].Journal of Financial Economics,1988,(20):267-292.
[13] A.Agrawal,G.Mandelker.Large Shareholders and the Monitoring of Managers:The Case of Antitakeover Charter Amendments[J].Journal of Financial and Quantitative Analysis,1992,(25):143-162.
[14] K.Van Nuys.Corporate Governance through the Proxy Process:Evidence from the 1989 Honeywell Proxy Solicitation[J].Journal of Financial Economics,1993,(34):101-132.
[15] R.Duggal,J.A.Millar.Institutional Ownership and Corporate Performance:The Case of Bidder Return[J].Journal of Corporate Finance,1999,(5):103-117.
[16] M.E.Porter.Capital Disadvantage:America's Failing Capital Investment System[J].Harvard Business Review,1992,(5):65-82.
[17] S.G.Monk,N.Minow.Corporate Governance[M].Malden,MA:Blackwell Publishers,1995.
[18] S.B.Graves,S.A.Waddock.Institutional Ownership and Control:Implications for Long-term Corporate Strategy[J].Academy of Management Executive,1990,(1):75-83.
[19] G.S.Hansen,C.W.L.Hill.Are Institutional Investors Myopic? A Time-series Study of Four Technology-driven Industries[J].Strategic Management Journal,1991,(12):1-16.
[20] B.J.Bushee.The Influence of Institutional Investors on Myopic R&D Investment Behavior[J].The Accounting Review,1998,Vol.73,(3):305-333.
[21] D.Palmer,R.Friedland,D.P.Jennings,M.E.Powers.The Economics and Politics of Structure:The Multidivisional Firm and the Large US Corporation[J].Administrative Science Quarterly,1987,(32):25-48.
[22] U.Velury,D.S.Jenkins.Institutional Ownership and the Quality of Earnings[J].Journal of Business Research,2006,(59):1043-1051.
[23] F.Allen,A.E.Bernardo,I.Welch.The Theory of Dividends Based on Tax Clienteles[J].Journal of Finance,2000,(55):2 499-2 536.
[24] Yaniv.Grinstein,R.Michaely.Institutional Holdings and Payout Policy[J].The Journal of Finance,2005,Vol.LX,(3):1 389-1 427.
[25] P.Grief,E.J.Zychowicz.Institutional Investors,Corporate Discipline,and the Role of Debt[J].Journal of Economics and Business,1994,(46):1-11.
[26] T.H.Noe,M.J.Rebello.Asymmetric Information,Managerial Opportunism,Financing,and Payout Policies[J].Journal of Finance,1996,Vol.LI,(2):637-660.
[27] M.Faccio,M.A.Lasfer.Do Occupational Pension Funds Monitor Companies in which They Hold Large Stakes?[J].Journal of Corporate Finance,2000,(6):71-110.
[28] T.Woidtke.Agents Watching Agents:Evidence from Pension Fund Ownership and Firm Value[J].Journal of Financial Economics,2002,(63):99-131.