机构投资者在公司治理中的作用一直都有不同的观点。通过选取2003—2007年中国上市公司的面板数据,利用两阶段最小二乘法进行回归分析,结果表明:机构投资者持股量与公司绩效存在一定的正相关关系,公司绩效对机构投资者的持股决策有一定的正向反馈作用。
The role of the institutional investors on corporate governance has been a key issue that was debated by literature field. This paper analyzed panel data of Chinese listed companies during 2003 - 2007 by use of Two - stage least squares method. We find: there was certain positive correlation between institutional investors' shareholding quantity and corporate performance, and the corporate performance also shares certain positive feedback on institutional investors' decision - making.