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本文通过样本分类,分别考察了证券公司和投资基金两类机构投资者在不同的控股环境中对公司绩效的影响,检验了代理成本在机构投资者持股比例与公司绩效关系之间起到的重要中介效应。研究发现:投资基金持股比例的增加能够有效促进民营及国有上市公司绩效的提升,且代理成本在二者关系中起到显著的中介作用;证券公司持股比例仍能够通过降低代理成本的传导机制促进民营上市公司的绩效,但与国有上市公司绩效无显著关系;民营上市公司中,基金持股比例对代理成本的抑制效应及对公司绩效的促进效应显著高于国有上市公司。
This paper examines the impact of two types of institutional investors, securities firms and investment funds, on corporate performance in different holding environments through sample classification, and examines the impact of agency costs on the relationship between institutional investors’ shareholdings and firm performance Important intermediary effect. The research found that the increase of the proportion of investment funds can effectively promote the performance of private and state-owned listed companies, and agency costs play a significant intermediary role in the relationship between the two; the shareholding ratio of securities companies can still be reduced by reducing agency costs The mechanism promotes the performance of private listed companies, but has no significant relationship with the performance of state-owned listed companies. Among the private listed companies, the inhibitory effect of the proportion of the fund’s holding on the agency costs and the promotion effect on the corporate performance are significantly higher than that of the state-owned listed companies.