阅读|机构投资者调研与上市公司业绩关系研究

Research on the relationship between institutional investor research meeting and the performance of listed companies

机构投资者调研与上市公司业绩关系研究

Jingqin Zhang

School of Economics and Management,

Southwest Jiaotong University, Chengdu, China

Yong Ye

School of Economics and Management,

Southwest Jiaotong University, Chengdu, China

Citation:

Zhang, J. and Ye, Y. (2019), "Research on the relationship between institutional investor research meeting and the performance of listed companies", China Finance Review International, Vol. 10 No. 3, pp. 347-360. https://doi.org/10.1108/CFRI-12-2018-0151

摘要

通过对中国深市主板2014-2016年上市公司的研究，我们发现了机构投资者调研与被调研公司的业绩之间存在联系。具体表现为：随着机构投资者的调研程度提高，加强了对管理层的外部监督，缓解了管理层与股东之间的信息不对称，改善了被调研公司的管理效率，进而增加了被调研公司的业绩。将目标公司进行划分，可以发现当被调研公司的业绩较好时，机构投资者调研的作用更显著；同时，机构投资者调研对国有企业业绩的提升空间更大。

Purpose

The purpose of this paper is to empirically analyze the relationship between institutional investors research meeting and performance of companies being researched.

Design/methodology/approach

Using empirical research method, this study designs and conducts an empirical research according to empirical research’s basic norms. Thus, the authors acquire needed and credible empirical data.

Findings

By analyzing the empirical data, there is a significant positive effect between institutional investors research meeting and the earnings per share of company being researched. Improvement in the level of the research meetings of the institutional investors strengthens the external supervision of management, alleviates the information asymmetry between management and shareholders, improves the management efficiency of the company and ultimately increases the performance of the company. When the performance of a company is better, we can find that the role of II research meetings is more significant. In addition, II research meetings are better able to improve the performance of state-owned enterprises.

Originality/value

This study empirically analyzes and verifies the roles of institutional investors research meeting in improve the performance of the company being researched. The authors expand the channel of institutional investors research behaviors to improve the performance of listed companies by strengthening the supervision and restraint of management behavior. Additionally, via a reverse study, it is found that the situation of the researched company itself is also one of the factors that determine the results of institutional investors research meetings.

文章结构

1. Introduction

2. Literature review and hypotheses

3. Variable selection and description

4. Empirical test

5. Robustness test

   5.1 Robustness test based on different variable measures

   5.2 Robustness test based on proneness score matching (PSM)

   5.3 Further research

6. Conclusion

研究成果

Variable description

Variable descriptive statistics

Variable Pearson correlation

Relationship betweenII research meetings and the transparency of the researched companies

Relationship between II research meetings and the Eps of researched companies

Relationship betweenII research meetings and the Eps of stateowned enterprises/non-state-owned enterprises

Relationship betweenII research meetings and the Roe of researched companies

PSM-basedrobustness test

Relationship betweenresearch meetings and the DA of researched companies

主要结论

The above empirical results validate the hypothesis of this paper. II research meetings will have a positive effect on the performance of listed companies. It is found that the more IIs participate in the research meetings of listed companies, the more significant the positive effect on earnings per share. The higher the frequency of IIs participating in the research of listed companies, the more significant the positive effect that IIs have on earnings per share.

Research meetings provide a reliable source of guidance for the IIs investment decisions. This shows that II research meetings play the role of supervision and management, and they also act as an active information collection mechanism. IIs obtain effective information from research meetings, and they participate in the management of companies through the change in shareholding ratio to ensure the safety of their own interests. Although we have done a number of tests to verify that IIs research meeting can truly improve the performance of the companies being researched, this does not guarantee that IIs research meeting is a benign shareholder initiative. There may be compromises made by management because of the influence of the IIs. Meanwhile, the long-term or short-term holding willingness of IIs will also have different effects on listed companies. This provides a new direction for our future research.

More and more shareholders, not just IIs, pay more attention to the companies in which they invest in order to actively protect the security and profitability of their shares, and shareholder contact with management is increasing year by year. In the future, we will see more forms of shareholder activism in China’s financial market. Our research on II research meetings in this paper provides some practical reference for the future active behavior of shareholders. Therefore, this paper puts forward the following suggestions:

(1) Listed companies need to pay more attention to the II’s role in corporate governance. The research meetings of IIs will provide useful suggestions for the operation of the company. At the same time, as an effective means of external supervision, both II research meetings and II shareholding can effectively restrain the behavior of internal managers and ensure the normal operation of the company.

(2) While focusing on the positive role of II research meetings, we should also note its negative impact on the company’s performance. While promoting II research meetings, we should also be aware of the cost of II research. Consideration should be given to how to ensure that the II research meeting is a mechanism that consistently has a positive effect on the company.

(3) In the process of communication with IIs, listed companies need to identify the II’s motivation for holding shares in the company. In the long term, the behavior of IIs with long-term stock ownership motivation (Chung et al., 2017) is significantly positively correlated with the stable development of the company.

The Chinese financial market has just started to establish a mechanism for investors to communicate with listed companies, to expand the communication channels between external investors and internal managers, to effectively supervise this process, and to promote mutual trust between investors and management and make it II shareholding a mechanism that has a benign influence on the company. Chinese regulators, market regulators, companies and investors are working toward these goals.

作者简介

张敬钦（1988~），男，河南焦作人。西南交通大学（成都市 610031）经济管理学院博士研究生。研究方向公司财务、企业管理。电子邮箱：[e-mail]。

叶勇（1974~），男，四川成都人。西南交通大学（成都市 610031）经济管理学院教授、博士研究生导师。研究方向公司财务、公司治理、金融理论与实务、企业理论与实务。电子邮箱：[e-mail]。

以下照片分别为张敬钦、叶勇：

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