机构投资者持股偏好、筛选策略与企业社会绩效

以中国上市公司为研究对象,采用最小二乘法和两阶段最小二乘法,借助EViews工具,检验中国机构投资者持股与企业社会绩效的关系,以考察机构投资者基于企业社会绩效的持股偏好和筛选策略,选取2005年至2009年沪深两市918家上市公司为样本进行实证检验。研究结果表明,机构投资者表现出对企业社会绩效的持股偏好,在制定持股决策时会考虑企业社会绩效,尤其是近两年的企业社会绩效。进一步对机构投资者进行分类研究表明,各类机构投资者持股与企业社会绩效关系的差异性较大,仅有基金表现出类似的持股偏好。机构投资者整体和基金的持股偏好是源于筛选策略的介入,正面筛选策略比负面筛选策略对持股偏好的影响程度更大,即机构投资者制定投资决策时以正面筛选策略为主要手段,负面筛选策略为辅。

Institutional Investors Preferences, Screening and Corporate Social Performance

The paper researches the relationship between the percentages of shares held by institutions and corporate social performance(CSP) based on Chinese listed companies with OLS and 2SLS using EViews,in order to study the preferences and screening of institutional investors for CSP.Based on the empirical research of 918 listed companies′ samples in Shanghai and Shenzhen Stock Exchange markets from 2005 to 2009,the paper finds that: all institutional investors′ ownership have a positively preference on CSP,expecially the CSP lagging two periods,while different institutional investors have the different relationship with CSP,only funds companies ownership have the significant relationship with lag effect;in addition the preferences of all institutional investors and funds for CSP are attributed to screening,and positive screening has more significant influences on the preferences comparing with negative screening,that is taking positive screening is the main strategy and negative screening is the supplement strategy for institutional investors.