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本文从独立性和稳定性交叉视角检验了异质机构投资者持股对企业绩效的影响。研究发现独立机构投资者持股比例越高,企业绩效越好;非独立机构投资者持股比例与企业绩效的相关性不显著。同时,独立机构投资者持股是否稳定对企业绩效的影响存在显著差异;而非独立机构投资者持股是否稳定对企业绩效的影响不存在显著差异。这说明独立性机构投资者在公司治理中能发挥着更为积极的作用,且其投资的稳定性标志着企业绩效的提高。因此,监管部门应鼓励发展独立机构投资者,并引导其进行稳定投资。
This paper examines the impact of heterogeneous institutional investor ownership on firm performance from the cross-independence and stability perspectives. The study found that the higher the proportion of independent institutional investors holding shares, the better corporate performance; non-independent institutional investors, the proportion of shares and corporate performance is not significant correlation. At the same time, there is a significant difference in the effect of independent institutional investors ’shareholding on firm performance; but there is no significant difference in the effect of non-independent institutional investors’ shareholding on firm performance. This shows that independent institutional investors can play a more active role in corporate governance, and the stability of their investments marked the improvement of business performance. Regulators should therefore encourage the development of independent institutional investors and guide them towards stable investment.