Do Institutional Investors have Monitoring Effect
基于2002-2005年增发分类表决数据，研究发现机构投资者投票反对股权融资提案，且基金持股高的公司提案通过后业绩更好，表明机构投资者在公司治理中发挥监督作用。
Based on the classified voting system of SEO from 2002 to 2005,the paper studies the monitoring function of the Chinese institutional investors.Firstly,the authors examine the stock market responds to firms' equity financing proposals and find that there is significant positive reaction after announcement with vetoing an equity financing proposals.Secondly the authors find that the funds vote against equity financing,but the securities don't do so.Further analysis finds that the high-level fund holdings with approved equity financing proposals have better future performance.The evidence is consistent with the view that institutional investors play an active role in corporate governance and in controlling the insider expropriation through equity financing.