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《Economic Management Journal》 2011-04
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Do China's Institutional Investors Play a Role of Corporate Governance?——Empirical Analysis based on the Perspective of Loan Soft Restriction

ZHANG Min,WANG Chen-fang,JIANG Fu-xiu(Business School,Renmin University of China,Beijing,100872,China)  
Whether institutional investors can play a role of corporate governance is an important theoretical and practical problem,but extant literature hasn't got a widely accepted conclusion about this problem.Based on the sample of the listed companies in China,this paper examines the role of corporate governance of institutional investors from the perspective of loan soft restriction.The result shows that institutional investors not only improve the problem of loan soft restriction,but also increase the degree of loan soft restriction.The result shows that Chinese institutional investors still play the role of "speculators" but not the corporate governance role.
【Fund】: 国家自然科学基金“政治关联对企业价值的影响机制研究”(71002032);“管理者特征、企业投资及其经济后果”(70972129);; 中国人民大学研究生科研基金项目“政府干预与国有企业的高管激励”(11XNH092)
【CateGory Index】: F224;F832.4
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