机构投资者对并购绩效的影响分析-analysis on the influence of institutional investors on m a performance.docx

摘 要 随着机构投资者的不断发展壮大，其在资本市场上扮演着越来越重要的角色。 国内市场的发展与制度的完善，也为其发挥作用效力提供了重要的保障。但是机构 投资者在公司并购活动中发挥怎样的作用，是否能够促进企业并购绩效的提高？对 于上述问题，我国相关文献缺乏统一的研究，同时研究环境的差异也决定了国外相 关的研究对于该问题的解决借鉴意义不大。本文试图以并购活动这一公司外部治理 机制为研究切入点，分析机构投资者对并购绩效的所产生的影响。在此基础上，丰 富和完善了机构投资者对公司治理作用效力的相关研究，并帮助人们重新认识机构 投资者在资本市场上扮演的角色。 本文在归纳分析相关文献的基础上，结合委托代理理论、利益相关者理论、公 司治理理论，提出研究假设。并选取 2009 年至 2010 年发生并购活动的上市公司为 样本，建立回归模型对研究假设进行验证。在解释变量的选择中，本文引入影响机 构投资者作用效力发挥的三个实验变量，并通过描述统计和回归分析对研究假设进 行分析和验证，来衡量机构投资者对并购绩效的作用效力。 通过分析我们得出以下结论：机构投资者对管理层的监督、对第一大股东的利 益制衡可以增加并购绩效；而机构投资者与其他利益相关者的利益冲突则降低并购 绩效。研究结果与我们的研究假设相一致，即机构投资者在一定程度上对公司并购 绩效可以产生一定的作用效力 关键词：机构投资者 并购绩效 利益冲突 i Abstract As the growing of Institutional Investor, they play a more and more important role in Capital Market. The development of domestic market and improvement of rules and regulations provide important guarantees for Institutional Investor to make a difference. But what role Institutional Investor played in MA? Will they improve the performance of merger and acquisition? For the above questions, there is no uniform research in domestic literature, meanwhile differences in study environment also determine that the foreign relative researches lack of reference value in solving these problems. This paper will try to make MA, the external governance mechanism of corporation, as cutting point to analyze the function of Institutional Investor on MA Performance. On this basis, this paper will enrich and perfect the related research on the function of Institutional Investor on corporation governance, and help to recognition the role Institutional Investor played in Capital Market. On basis of literature review, we put forward the research assumption under the background of principal-agent theory, stakeholder theory and corporate governance theory. To verify our hypothesis, we select listed companies involved in MA activity during the period of 2009 and 2010 as samples, and build regression model as well. In selection of explaining variables, this paper introduces three experimenta