机构投资者治理与公司现金持有价值

The Governance Roles of Institutional Investors and the Value of Corporate Cash Holdings

本文以中国2003—2011年间A股上市公司为研究样本，实证考察了机构投资者对企业现金持有价值的影响，研究发现，就整体层面而言，机构投资者并没有对现金持有价值产生显著的影响。然而按市场化程度高低分组来研究机构投资者的公司治理效应，发现在市场化程度较高的环境下，机构投资者持股能够显著提高公司现金持有价值；而在市场化程度较低的环境下，机构投资者持股反而损害公司现金持有价值。这一结论说明，只有在合适的制度环境下，机构投资者的积极治理效应才能得以充分发挥。这一实证结果也为中国当前正在深化的市场化改革以及实施的机构投资者战略提供了直接证据。

Based on Chinese 2003 -2011 A-stock listed companies as research samples, this empirical study studied on the effect of institutional investors on enterprise value of cash holdings and finds that, as a whole level,institutional in- vestors don＇ t have a remarkable impact on value of cash holdings. But as for the corporate governance effect of institutional investors according to the group based on the degree of marketization level, it is found that in the marketed environment of high degree, institutional investors can dramatically improve the value of cash holdings of the company ; While in the marke- ted environment of low degree, institutional investors may the damage value of cash holdings of the company. This conclu- sion shows that only in the appropriate system environment, the positive governance effect of institutional investors can be fully the i exerted. The empirical results also provide direct evidence for the market-oriented reform which is being deepened and mplemented strategy of the institutional investors in China.