依据我国A股市场上市公司2003年—2005年的数据,对机构投资者的作用是否与上市公司的公司治理、股价表现和经营业绩具有相关性进行了实证研究。研究结果表明,我国的机构投资者对上市公司的股价市场表现有一定的影响,但对公司治理和经营业绩的作用却非常微弱。所以,尽管我国机构投资者经过了若干年的超常规发展,但其发展仍处于初期阶段。
Based on the data of China's share A market from 2003 to 2005, we make an empirical study on the correlation between the influence of institutional investors and the corporate governance, stock marketability and business performance in China's stock market. The results show that institutional investors do affect the market performance of listed companies, but their effects on corporate governance and financial performance are not so significant. Such being the case, institutional investors are still in their primary stage after an extraordinary period of development by themselves.