经营环境、机构投资者持股与公司价值

Business Environment, Institutional Investor's Equity and Company Value

本文以2008~2012年A股上市公司为样本研究经营环境、机构投资者持股与公司价值的关系。研究发现,机构投资者持股比例与上市公司短期价值显著正相关,与长期价值负相关,这表明机构投资者持股提升了上市公司的短期价值,但损害了其长期价值;经营环境改善有利于促进企业放弃短期价值,更加关注长期价值;相对于国有企业,机构投资者的这种角色转变在非国有企业更为显著。

Based on the samples of A-share listed companies during 2008-2012, this paper researches the relationship among business environment, institutional investor's equity and company value. It's found that the increase in the ratio of institutional investor's equity is positively correlated with the short-term value of listed companies, and negatively correlated with the long-term value, which means that institutional investor's equity increases the short-term value of listed companies, but hurts the long-term value; the improvement in the business environment helps promote enterprises to give up short-term value, and pay more attention to long-term value; compared with state-owned enterprises, the role change of institutional investors is more significant in non-state-owned enterprises.