机构投资者持股、企业类型与企业价值

Institutional Investor's Shareholdings, Enterprise Type and Enterprise Value

文章利用2008-2017年中国A股上市企业的数据,考察了机构投资者持股对不同类型企业价值的影响。文章发现,机构投资者持股对企业价值普遍有正向影响。区分企业所有制类型,则机构投资者持股对民营企业价值的正向影响程度要大于国有企业,而区分企业所属行业的竞争程度,则机构投资者持股对竞争性行业中企业价值的正向影响程度比对非竞争性行业要大。文章的研究结果对于发展中国资本市场中的机构投资者、改善上市公司治理都有一定的理论和实践意义。

Based on the data of China’s A-share listed enterprises from 2008 to 2017, this paper investigates the influence of institutional investor’s shareholdings on the value of different types of enterprises. It is found that institutional investor’s shareholdings have a positive influence on enterprise value. If the ownership of enterprises is distinguished, the positive impact of institutional investor’s shareholdings on the value of private enterprises is greater than that of state-owned enterprises, and the positive impact of institutional investor’s shareholdings on the value of enterprises in competitive industries is greater than that of non-competitive industries if the degree of competition of enterprises is distinguished. The research results of this paper have certain theoretical and practical significance for developing institutional investors and improving the governance of listed companies in China’s capital market.