预测
預測
예측
Forecasting
2015年
3期
40~45
,共null页
机构投资者 互惠理论 非效率投资 管理防御
機構投資者 互惠理論 非效率投資 管理防禦
궤구투자자 호혜이론 비효솔투자 관리방어
institutional investor ; reciprocity theory ; inefficient investment ; managerial entrenchment
本文以管理防御理论为基础,编制互惠量表并建立回归模型,检验机构投资者互惠行为与上市企业非效率投资的关系。研究发现：机构投资者广义互惠与企业非效率投资显著负相关;机构投资者负互惠对企业非效率投资有显著正向影响;而机构投资者平衡互惠与企业非效率投资相关性不显著。本文探索性地应用互惠量表研究机构投资者持股对企业非效率投资的治理效应,为改善企业投资效率提供了新的分析视角。
本文以管理防禦理論為基礎,編製互惠量錶併建立迴歸模型,檢驗機構投資者互惠行為與上市企業非效率投資的關繫。研究髮現：機構投資者廣義互惠與企業非效率投資顯著負相關;機構投資者負互惠對企業非效率投資有顯著正嚮影響;而機構投資者平衡互惠與企業非效率投資相關性不顯著。本文探索性地應用互惠量錶研究機構投資者持股對企業非效率投資的治理效應,為改善企業投資效率提供瞭新的分析視角。
본문이관리방어이론위기출,편제호혜량표병건립회귀모형,검험궤구투자자호혜행위여상시기업비효솔투자적관계。연구발현：궤구투자자엄의호혜여기업비효솔투자현저부상관;궤구투자자부호혜대기업비효솔투자유현저정향영향;이궤구투자자평형호혜여기업비효솔투자상관성불현저。본문탐색성지응용호혜량표연구궤구투자자지고대기업비효솔투자적치리효응,위개선기업투자효솔제공료신적분석시각。
Based on the theory of managerial entrenchment, this paper develops reciprocity scale and regression model to investigate the relation between reciprocal behavior of institutional investors and inefficient investment of listed companies. The findings indicate that generalized reciprocity of institutional investors has a significant negative correlation with inefficient investment; while negative reciprocity of them has a significant positive impact on inefficient investment; but there is no significant correlation between balanced reciprocity and inefficient investment. Using reciprocity scale, this study takes an exploratory look at the governance effect of institutional investors holding on inefficiency investment. Also, the research provides a new visual angle for improving the efficiency of investment.
