摘要 为厘清作为资本市场主要的投资者,机构投资者是短视投资者还是长期投资者,本文以部分国内上市公司为样本,基于长期的机构投资者偏好公司的创新投资、短视的机构投资者偏好公司的经营绩效的假设条件下分析机构投资者持股、公司研发投资和经营绩效的理论关系。研究发现,在外生变量和内生变量假设条件下,我国机构投资者持股与公司绩效更符合内生变量关系假设,机构投资者持股与研发投资存在外生变量关系,总体上我国的机构投资者为短视机构投资者。 In order to clarify whether institutional investors,as the major investors in a capital market,are long term investors or myopic investors,the paper analyzes the theoretical relationship among the institutional investors’stock holdings,the R&D investment and the company performance on the basis of the hypothesis that long term investors have a preference for the R&D investment and myopic investors for the company performance.The conclusion is that the relationship between the institutional investors’stock holdings and the company performance is in line with the hypothesis of endogenous relationship,and an exogenous relationship exists between the institutional investors’stock holdings and the R&D investment.In general,the institutional investors in China are myopic.
机构地区 西安工业大学经济管理学院
出处 《西安工业大学学报》 CAS 2021年第1期110-116,共7页 Journal of Xi’an Technological University
基金 陕西省软科学研究计划项目(2020KRM139)。
关键词 资本市场 机构投资者 内生变量 外生变量 capital market institutional investor endogenous variable exogenous variable
