华东理工大学硕士学位论文第I页终极控制人、机构投资风格与公司资源配置效率摘要股权结构如何影响公司治理，一直是颇受人们关注的一个话题。近年来随着机构投资者兴起和壮大，其对公司资源配置效率有何影响，能否缓解公司投资过度或投资不足？本文以我国2005-2011年的上市公司为样本，对机构投资者持股是否可以优化公司资源配置，且优化程度是否受到上市公司终极控制人性质和机构投资者投资风格不同进行研究。结果发现：机构投资者持股可以提升公司资源配置效率；基金整体持股和成熟型基金持股可以提升公司资源配置效率，其他类型的机构投资者对公司资源配置效率影响不显著。进一步还发现，上市公司终极控制人性质会影响机构投资者持股与公司资源配置效率，这种影响作用主要体现在地方政府控制的公司。关键字：资源配置效率、过度投资、投资不足、机构投资者、终极控制人华东理工大学硕士学位论文第II页UltimateController,InstitutionalInvestorsInvestmentStyleandCorporateResourcesAllocationEfficiencyAbstractHowdoestheownershipstructureaffectthecorporategovernance,isalwaysatopicwhichpeoplepayattentioninthefieldofcapitalstructure.Recentyearsinstitutionalinvestorshaverapiddevelopment.Whethertheycanaffectcorporatecapitalallocationefficiency?UsinginstitutionalinvestorownershipdataofChineselistedfirmsovertheperiod2005-2011,weinvestigatewhetherinstitutionalinvestorscanoptimizecorporateresourceallocationefficiency.Andwhetherthedegreeofoptimizationvarieswithdifferentownershippropertyordifferentbehaviorstyleofinstitution?Wefindthatinstitutionownershipreallycanpromotecorporateresourceallocationefficiency.WhileFundandDedicatedFundcancutdownover-investmentandalleviateunder-investment,TransientFundandQuasi-indexerFundcannotaffectcorporateresourceallocationefficiency.Further,wefindthatultimatecontrollingshareholdersoflistedcompanieswillaffectinstitutionalinvestorownershipandcorporateresourceallocationefficiency.Andthiskindofinfluencemainlyreflectincompanywhichcontrolledbylocalgovernments.Keywords：Resourceallocationefficiency,Over-investment,Under-investment,Institutionalinvestors,UltimateControllingShareholders华东理工大学硕士学位论文第III页目录第一章绪论.........................................................................................................................11.1研究背景、目的和意义..........................................................................................................................11.2研究思路与研究方法.............................................................................................................................21.3创新点与研究局限...................................................................................................................................21.4论文结构.................................................................................................................................................3第二章文献综述与假设提出...............................................................................................52.1相关概念界定..........................................................................................................................................52.1.1机构投资者的概念界定.......................................................................................................................52.1.2企业投资的概念界定...........................................................................................................................62.1.3非效率投资的概念界定............
