CAJ | 학술논문

以机构投资者的不同持股特征为切入点，实证检验了机构投资者对我国上市公司关联交易产生的影响。结果表明，在目前机构投资者与控股股东股权力量对比较弱的情况下，机构投资者主要是以整体的力量对关联交易进行监督，而大型机构没有起到应有的监督作用，这不仅表现在大型机构的持股比例与持股权重对关联交易没有产生显著的作用，同时表现在大型机构之间持股的差异度、集中度对关联交易产生了显著的正向作用。
이궤구투자자적불동지고특정위절입점，실증검험료궤구투자자대아국상시공사관련교역산생적영향。결과표명，재목전궤구투자자여공고고동고권역량대비교약적정황하，궤구투자자주요시이정체적역량대관련교역진행감독，이대형궤구몰유기도응유적감독작용，저불부표현재대형궤구적지고비례여지고권중대관련교역몰유산생현저적작용，동시표현재대형궤구지간지고적차이도、집중도대관련교역산생료현저적정향작용。
Institutional investors play an inereasiagly more important role in corporate governance due to their fast growth in China. To test empirically the impacts of institutional investors on related-party transactions, this study designs new variables reflecting their shareholding characteristics. The results show that institutional investors cur- rently play an active role in supervising related-party transactions as a whole. However, large institutional investors do not play their due supervisory role, evidenced in the insignificance of their shareholding ratio and weight on re- lated-party transactions as well as the positive significance of their shareholding differences and concentrations on related-party transactions.