中文摘要：

这篇文章针对2001-2003年在中国上市的1104家公司（3081个观察值）,分析了中国证券公司和投资基金的持股对公司业绩的影响。我们发现,投资基金的持股对公司业绩有正面作用（用行业调整的托宾Q和资产收益率来衡量）,而证券公司的持股对公司业绩没有显著影响。研究结果通过了不同的敏感性测试,包括用联立方程进行的测试。研究表明,不同的机构投资者对公司业绩有不同的影响。中国的投资基金开始在上市公司治理中发挥一定的积极作用,从而影响公司业绩。这一发现支持了政府发展机构投资者、鼓励他们积极参与公司治理所做出的努力。

英文摘要：

This study empirically tests the impact of institutional ownership by investment banks and mutual funds on firm performance in China,using a sample of 1104 publicly listed companies（3081 firm-year observations）for the period of 2001-2003.We find that equity ownership by mutual funds has a positive impact on firm performance（measured by Tobin＇s Q and return on assets,both industry-adjusted） while investment banks＇ shareholdings are not significantly related to firm performance.The results are robust to various estimations including a simultaneous equation procedure.Our findings indicate that different financial institutions have different impacts on firm performance,and mutual funds have started to affect firm performance in China,supporting the recent regulatory effort to promote them as a corporate governance mechanism.