家族上市公司与机构投资者持股内因:权限抑或公司价值

The Internal Cause of Family Listed Companies and the Institution Investor Shareholder:Limits of Power or Firm Value

基于机构投资者持股对家族上市公司价值影响的实证分析表明,机构投资者持股提高了家族企业价值,机构投资者持股比例和公司价值正相关。在控制性家族股东现金流权增大的情况下,机构投资者持股可以提高公司价值,而在控制性家族控制权增大的情况下,机构投资者持股对公司价值的提升作用会减弱。控制权与现金流权偏离程度越大时,机构投资者持股对公司价值的提升幅度也会降低,但不显著。

The empirical analysis of the influence of institutional investors for family listed companies shows that, the holdings of institutional investors can increase the family enterprise value, and the share of institutional investors has positive relation with firm value. Based on the cash flow right of controlling family shareholders increase, the share of institutional investor can increase the firm value. ~owever, when the control power of controlling family shareholders increase, the effect of institutional investors for the firm value will weaken. When the cash flow right and the control power deviate, the positive effect of institutional investors for the firm value will reduce accordingly, but it isn＇t significant.