CAJ | 학술논문

随着机构投资者的壮大，机构投资者在公司治理是扮演何种角色已成为我国制定相关政策的基础。利用2004~2007年沪深两市机构持股的上市公司为样本进行的实证研究发现，越高比例的机构持股及长线机构有助于提升公司业绩，表现为投资者角色；与预期相反，短线机构也表现为投资者角色。进一步的研究发现，机构表现出投机者或投资者角色，主要由其在公司的持股比例决定。现阶段应积极推进公司持股的机构化和机构持股的长期化。
수착궤구투자자적장대，궤구투자자재공사치리시분연하충각색이성위아국제정상관정책적기출。이용2004~2007년호심량시궤구지고적상시공사위양본진행적실증연구발현，월고비례적궤구지고급장선궤구유조우제승공사업적，표현위투자자각색；여예기상반，단선궤구야표현위투자자각색。진일보적연구발현，궤구표현출투궤자혹투자자각색，주요유기재공사적지고비례결정。현계단응적겁추진공사지고적궤구화화궤구지고적장기화。
With the growth of institutional investors, recognizing the role of institutional investors when governing company has become the basis of formulating relevant policies in China. In this paper, we use listed companies （2004~2007） which have institutional stockholdings as samples. The results found that the institutional investors showed investors＇ role in the listed company, who have higher proportion of institutional ownership or long-term shareholding. Contrary to expectations, the short-term shareholding institutional investors also showed investors＇ role. Further study found that the institutional investors＇ roles of speculators and investors majorly depend on the proportion of their holdings. Therefore, we should promote the institutionalization of corporate ownership andi long- term institutional stockholdings.