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本文实证研究银行系基金机构投资者持股对上市公司投资支出和公司业绩的影响。研究发现:银行系基金机构投资者持股的上市公司的投资支出水平和公司业绩,显著高于非银行系基金机构投资者持股的上市公司的投资支出水平和公司业绩;机构投资者持股比例越高,上市公司的投资支出水平越高,公司业绩越高。实证检验结果表明,银行系基金机构投资者持股在一定程度上发挥了积极的治理效应,减少由于股东与债权人利益冲突引起的投资不足问题,降低公司的代理成本,从而提高上市公司投资水平和公司业绩。
This paper empirically studies the impact of institutional investors’ holdings of listed banks on investment spending and corporate performance of listed companies. The results show that: the investment expenditure and company performance of listed companies held by banks and institutional investors are significantly higher than the investment expenditures and corporate performance of listed companies held by non-bank fund institutional investors; institutional investors The higher the proportion, the higher the level of investment spending of listed companies, the higher the performance of the company. The result of empirical test shows that the holding of institutional investors in the banking department plays a positive governance effect to a certain extent, reducing the problem of underinvestment caused by the conflict of interests between the shareholders and the creditors, reducing the agency cost of the company and raising the investment level of the listed company company achievements.