在经历了2008年金融危机之后4-5年的低迷，开放式基金已重新成为我国融资市场上的重要投资者。开放式基金因其机构投资者的性质与独特的赎回机制特点，既有条件又有动力去持有公司股权并积极参与公司治理，但这一预想的治理效果似乎并没能实现。本文使用2012年以来13个季度的面板数据，通过实证分析考察了开放式基金向行业的资金流入对行业企业的公司治理水平与公司绩效的影响。本文指出，开放式基金的资金流入虽然提高了公司绩效，但并没有对公司治理水平产生显著影响，这意味着开放式基金的在投资决策中更倾向于追涨杀跌的投机性投资，缺少对实体经济的结构性支持。

After the downturn since 2008 financial crisis for 4 to 5 years, The Open-end Funds return to the market as a group of refreshed investors. The Open-end Funds are both conditional and willing to hold equity in company and be active in corporate governance for its features that are common with other institutional investors or unique. However, the expecting governance effect seems not to be achieved. This paper dealt with 11 quarterly panel data to complete an empirical analysis on the Open-end Funds cash flow influence on corporate governance and performance. We find that corporate performance has a positive relationship with the Open-end Funds cash flow, but a vague one with governance. The outcome shows that the Open-end Funds prefer short-term chase sell in their investment decision, ignoring structural support to real economy.

[1] 高培涛. 机构投资者参与我国上市公司治理的理论与实证研究[D].山东大学,2010.

[2] 高培涛. 证券投资基金与公司高管报酬的关系研究[J]. 山东社会科学,2010,03:137-140.

[3] 李维安,李滨. 机构投资者介入公司治理效果的实证研究——基于CCGI~(NK)的经验研究[J]. 南开管理评论,2008,01:4-14.

[4] 李向前. 机构投资者、公司治理与资本市场稳定研究[J]. 南开经济研究,2002,02:69-73.

[5] 施东晖. 股权结构、公司治理与绩效表现[J]. 世界经济,2000,12:37-44.

[6] 夏宁,李民. 机构投资者持股对企业绩效影响的实证研究[J]. 经济与管理评论,2014,06:68-75.

[7] 钟惠波. 证券投资基金与上市公司治理[D].福建师范大学,2004.

[8] Almazan A, Hartzell J C, Starks L T. Active institutional shareholders and costs of monitoring: Evidence from executive compensation[J]. Financial Management, 2005, 34(4): 5-34.

[9] Borokhovich K A, Brunarski K, Harman Y S, et al. Variation in the Monitoring Incentives of Outside Stockholders*[J]. Journal of Law and Economics, 2006, 49(2): 651-680.

[10] Brav A, Jiang W, Partnoy F, et al. Hedge fund activism, corporate governance, and firm performance[J]. The Journal of Finance, 2008, 63(4): 1729-1775.

[11] Brickley J A, Lease R C, Smith C W. Ownership structure and voting on antitakeover amendments[J]. Journal of financial economics, 1988, 20: 267-291.

[12] Bushee B J. The influence of institutional investors on myopic R&D investment behavior[J]. Accounting review, 1998: 305-333.

[13] Bushee B J, Carter M E, Gerakos J. Institutional investor preferences for corporate governance mechanisms[J]. Journal of Management Accounting Research, 2013, 26(2): 123-149.

[14] Clifford C P. Value creation or destruction? Hedge funds as shareholder activists[J]. Journal of Corporate Finance, 2008, 14(4): 323-336.

[15] Gillan S L, Starks L T. Corporate governance proposals and shareholder activism: The role of institutional investors[J]. Journal of financial Economics, 2000, 57(2): 275-305.

[16] Gillan S, Starks L T. Corporate governance, corporate ownership, and the role of institutional investors: A global perspective[J]. Journal of applied Finance, 2003, 13(2).

[17] Gillan S, Starks L T. The evolution of shareholder activism in the United States[J]. Available at SSRN 959670, 2007.

[18] Jarrell G A, Brickley J A, Netter J M. The market for corporate control: The empirical evidence since 1980[J]. The Journal of Economic Perspectives, 1988: 49-68.

[19] Ko K, Kim K, Cho S H. Characteristics and performance of institutional and foreign investors in Japanese and Korean stock markets[J]. Journal of the Japanese and International Economies, 2007, 21(2): 195-213.

[20] Shleifer A, Vishny R W. Large shareholders and corporate control[J]. The Journal of Political Economy, 1986: 461-488.

[21] Kochhar R, David P. Institutional investors and firm innovation: A test of competing hypotheses[J]. Strategic Management Journal, 1996, 17(1): 73-84.

[22] Porta R, Lopez‐de‐Silanes F, Shleifer A. Corporate ownership around the world[J]. The journal of finance, 1999, 54(2): 471-517.

[23] Schnatterly K, Johnson S G. Independent boards and the institutional investors that prefer them: Drivers of institutional investor heterogeneity in governance preferences[J]. Strategic Management Journal, 2014, 35(10): 1552-1563.

[24] Thomas R S, Cotter J F. Shareholder proposals in the new millennium: Shareholder support, board response, and market reaction[J]. Journal of Corporate Finance, 2007, 13(2): 368-391.