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本文以中国上市公司为研究对象,利用面板数据模型检验了我国企业社会绩效、经济绩效与机构投资者持股比例的关系,以考察机构投资者持股的道德偏好以及经济准则对这种偏好的影响。基于2006-2010年沪深两市902家上市公司的实证检验显示:(1)企业社会绩效与机构投资者持股比例显著正相关,即机构投资者制定投资决策时表现出了一定的道德偏好;(2)企业社会绩效与不同类型机构投资者持股比例的相关性差异较大,其中只与基金持股存在显著的正相关关系;(3)经济准则对机构投资者持股的道德偏好存在显著影响,不考虑经济绩效的情况下机构投资者偏好企业社会绩效好的公司,但按经济绩效优劣分组检验表明这种道德偏好仅存在于高经济绩效的样本公司中。
This paper takes Chinese listed companies as the research object and uses the panel data model to test the relationship between the corporate social performance, economic performance and the proportion of institutional investors’ holdings in China to examine the preference of institutional investors and the economic criteria influences. Based on the empirical test of 902 listed companies in Shanghai and Shenzhen stock markets from 2006 to 2010, it shows that: (1) there is a significant positive correlation between corporate social performance and institutional investors’ shareholding ratio, that is, institutional investors show certain moral preferences when making investment decisions ; (2) there is a significant difference between the corporate social performance and the shareholding ratio of different types of institutional investors, of which there is a significant positive correlation between the corporate social performance and the fund holding; (3) There is a significant impact, regardless of economic performance institutional investors preferred corporate social performance of good companies, but according to the economic performance of the sub-group test shows that this moral preference exists only in high economic performance of sample companies.