企业投资效率、公司治理与公司价值——基于机构投资者参与视角

从机构投资者参与视角出发,本文探讨了机构投资者参与对企业投资效率和公司价值的影响,并分析这种影响的内在作用机制。研究表明:我国上市公司普遍存在着非效率投资的现象,机构投资者参与提高了企业的投资效率,减小了企业的投资不足和过度投资,并在一定程度上缓解了非效率投资对公司价值的损害。我们发现,对于不同产权性质和不同市场环境的企业,这种治理作用有着不同的影响。进一步研究发现,机构投资者参与带来企业内部两类代理成本的降低和融资约束的缓解,是减轻企业非效率投资对公司价值造成损害的重要原因。本文最后提出了改善我国资本市场制度环境、深化国企改革、完善竞争机制、健全公司治理的政策建议。

From the perspective of institutional investor participation, this paper explores the influence of institutional investor participation on corporate investment efficiency and corporate value, and analyzes the internal mechanism of this influence.The research shows that the phenomenon of inefficient investment exists in the listed companies of our country. The participation of institutional investors improves the investment efficiency of enterprises, reduces the under-investment and over-investment of the enterprises, and to some extent alleviates the damage of inefficient investment to the corporate value. We find that this governance has a different effect on firms of different natures of ownership and different market conditions. Further study shows that the participation of institutional investors bring about the reduction of two types of agency costs within the enterprise and the easing of financing constraints, which is an important reason to reduce the damage to corporate value caused by inefficient investment. At the end of this paper, we put forward some policy suggestions to improve the institutional environment of our capital market, deepen the reform of state-owned enterprises,perfect the competition mechanism, and improve corporate governance.