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以2004～2007年我国A股上市公司为研究样本,考察了法律环境、所有权和控制权分离程度对机构投资者总体和各类机构投资者持股决策的影响。研究发现,不同类型的机构投资者对于两权分离的关注程度存在明显差异。对占据证券市场主导地位的证券投资基金而言,最终控制人的所有权比例越高,两权分离度越小时,其持股比例越高,而两权分离程度对于券商和合格境外机构投资者的持股决策并未产生显著影响。进一步的研究还发现,投资者法律保护环境越健全,两权分离程度对于证券投资基金持股决策的影响越弱。
Taking the listed A-share companies in China from 2004 to 2007 as the research sample, the paper examines the influence of the legal environment, the degree of separation of ownership and control rights on the overall institutional investors and various institutional investors holding decisions. The study found that different types of institutional investors have noticeable differences in the degree of attention paid to separation of ownership. As for the securities investment funds that occupy the leading position in the securities market, the higher the ownership proportion of the ultimate controller and the smaller the separation degree of the two rights, the higher the proportion of the shareholding is. However, the degree of separation of the two rights is not good for the securities firms and the qualified foreign institutional investors Shareholding decisions did not have a significant impact. Further research also found that the more legal environment the investors protect, the weaker the degree of separation of ownership is, the weaker the influence of securities investment fund holding decision.