我国农林上市公司的治理、价值与机构投资者行为关系研究
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摘要
农林上市公司作为我国第一产业的龙头企业，对于实现整个行业的产业化经营，带动和辐射相关企业的发展都起着重要的作用。但由于历史以及行业自身发展过程中的原因，我国农林上市公司表现出与其它行业上市公司明显不同的特征和问题，这些问题对公司的治理、价值和长远发展都带来了一定的负面影响。
经过十多年的发展，我国的机构投资者已经超过个人投资者的持股规模而成为资本市场的主导力量，对上市公司的融资、治理和价值发挥着越来越重要的影响。作为资本市场上的两大主体，机构投资者和（农林）上市公司的行为是相互影响、相互促进的。本文以机构投资者的三种行为策略（投资、发言、退出）为主线，以我国农林上市公司的治理和价值为对象，分别从机构投资者的投资偏好、机构投资者对农林上市公司多元化经营和创新行为的影响、机构投资者与农林上市公司的价值关系、机构投资者对农林上市公司的退出行为进行了研究。
在理论分析的基础上，本文通过实证检验得出的结论主要有：第一，控股权水平越高、国有股比例越低、董事长和总经理两职分离、两权分离度越小、收益率水平越高、补贴收入占净利润的比例越低，越容易吸引机构投资者的投资；第二，机构集中持股和压力抵抗型机构持股对多元化决策起到了显著的监督作用，其持股越多，农林上市公司下一期（年）的多元化水平越低；第三，机构联合持股和压力抵抗型机构持股水平对农林上市公司的创新投入产生了显著的积极影响，其持股比例越大，农林上市公司下一期（年）的创新投入水平越高；第四，在不考虑机构股权内生性的情况下，机构联合持股对农林上市公司下期的价值和绩效都产生了显著的正向效应，机构集中持股产生了显著的负向效应，在考虑机构股权内生性的情况下，机构持股集中度和压力抵抗型机构持股均产生了显著的负向效应；第五，在只考虑机构卖出（减仓）而不考虑买入（增仓）的情况下，机构退出水平越高，农林上市公司下一期（年）的多元化水平越低，而对创新投入水平无显著影响，同时机构持股变动对多元化和创新投入都产生了显著的正向效应，验证了机构投资者的积极监督（治理效应）假设。
Agricultural and forestry (A&F) listed Companies play an important role in realizing
industrialized operation of the whole industry in China. However, there exhibit a few ofcharacteristic problems for A&F listed companies different form those of other industries, whichhave some negative effects on their governance, value and long-term development.
Chinese institutional investors (IIs) have been the dominant force of the capital market aftermore than10years’ development, which are taking a more and more important effect on listedcompanies’ financing, governance and value. As the main forces of the capital market, IIs and(A&F) listed companies have been influencing each other. The dissertation studied IIs’ investingpreference, the effect of IIs on diversification and innovative behavior of A&F listed companies,the relationship between IIs and corporate value, and IIs’ exit behavior.
The main conclusions of the dissertation list below: First, IIs’ investing preference increasessignificantly if A&F listed companies have higher controlling ownership, lower state-ownedshares, higher rate of return, lower subsidy income, etc; Second, shareholding concentration andshareholding by pressure-resistance IIs play a significant role in supervising diversification;Third, IIs’ aggregate shareholding and pressure-resistance IIs’ shareholding both have significantinfluence on innovation input of A&F listed companies; Fourth, IIs’ shareholding concentrationand pressure-resistance IIs’ shareholding both have significant negative effect on A&F listedcompanies’ value in the next period. Fifth, A&F listed companies will have lower diversificationlevel and no change in innovative input if IIs exit seriously.
经过十多年的发展，我国的机构投资者已经超过个人投资者的持股规模而成为资本市场的主导力量，对上市公司的融资、治理和价值发挥着越来越重要的影响。作为资本市场上的两大主体，机构投资者和（农林）上市公司的行为是相互影响、相互促进的。本文以机构投资者的三种行为策略（投资、发言、退出）为主线，以我国农林上市公司的治理和价值为对象，分别从机构投资者的投资偏好、机构投资者对农林上市公司多元化经营和创新行为的影响、机构投资者与农林上市公司的价值关系、机构投资者对农林上市公司的退出行为进行了研究。
在理论分析的基础上，本文通过实证检验得出的结论主要有：第一，控股权水平越高、国有股比例越低、董事长和总经理两职分离、两权分离度越小、收益率水平越高、补贴收入占净利润的比例越低，越容易吸引机构投资者的投资；第二，机构集中持股和压力抵抗型机构持股对多元化决策起到了显著的监督作用，其持股越多，农林上市公司下一期（年）的多元化水平越低；第三，机构联合持股和压力抵抗型机构持股水平对农林上市公司的创新投入产生了显著的积极影响，其持股比例越大，农林上市公司下一期（年）的创新投入水平越高；第四，在不考虑机构股权内生性的情况下，机构联合持股对农林上市公司下期的价值和绩效都产生了显著的正向效应，机构集中持股产生了显著的负向效应，在考虑机构股权内生性的情况下，机构持股集中度和压力抵抗型机构持股均产生了显著的负向效应；第五，在只考虑机构卖出（减仓）而不考虑买入（增仓）的情况下，机构退出水平越高，农林上市公司下一期（年）的多元化水平越低，而对创新投入水平无显著影响，同时机构持股变动对多元化和创新投入都产生了显著的正向效应，验证了机构投资者的积极监督（治理效应）假设。
Agricultural and forestry (A&F) listed Companies play an important role in realizing
industrialized operation of the whole industry in China. However, there exhibit a few ofcharacteristic problems for A&F listed companies different form those of other industries, whichhave some negative effects on their governance, value and long-term development.
Chinese institutional investors (IIs) have been the dominant force of the capital market aftermore than10years’ development, which are taking a more and more important effect on listedcompanies’ financing, governance and value. As the main forces of the capital market, IIs and(A&F) listed companies have been influencing each other. The dissertation studied IIs’ investingpreference, the effect of IIs on diversification and innovative behavior of A&F listed companies,the relationship between IIs and corporate value, and IIs’ exit behavior.
The main conclusions of the dissertation list below: First, IIs’ investing preference increasessignificantly if A&F listed companies have higher controlling ownership, lower state-ownedshares, higher rate of return, lower subsidy income, etc; Second, shareholding concentration andshareholding by pressure-resistance IIs play a significant role in supervising diversification;Third, IIs’ aggregate shareholding and pressure-resistance IIs’ shareholding both have significantinfluence on innovation input of A&F listed companies; Fourth, IIs’ shareholding concentrationand pressure-resistance IIs’ shareholding both have significant negative effect on A&F listedcompanies’ value in the next period. Fifth, A&F listed companies will have lower diversificationlevel and no change in innovative input if IIs exit seriously.
引文
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