机构投资者提升公司价值吗?——来自后股改时期的经验证据  

Does Institutional Investor Improve Corporate Value?-Evidence from the Listed Companies in China

作　　者：石美娟[1] 童卫华[2] 

机构地区：[1]清华大学经济管理学院,北京100084 [2]中国证券监督管理委员会,北京100140

出　　处：《金融研究》2009年第10期150-161,共12页Journal of Financial Research

基　　金：国家社会科学基金项目<股权分置改革对我国资本市场和公司治理的影响研究>(项目批准号 08BJY151)的资助

摘　　要：股权分置改革后,上市公司大股东的利益与股价密切相关,而作为最大流通股股东的机构投资者,其投资行为将影响公司股价,从而大股东将非常重视机构投资者的行为。那么在后股改时期,机构投资者是否与大股东合谋,损害公司价值还是通过积极行为促进公司治理的完善,提升公司价值?本文通过收集2005年至2007年已股改公司的数据,研究了后股改时期机构投资者与公司价值的关系。研究发现,机构投资者持股比例和公司价值存在显著正相关关系,研究结果表明,在后股改时期,机构投资者通过各种方式,促进了公司价值的提升。After the non - tradable share reform in China, the interests of major shareholders of listed companies are greatly related to the stock price. As the largest shareholders of tradable shares, institutional investor will affect stock price, which make the major shareholders pay great attentions to their behaviors. So after the non - tradable share reform whether institutional investors cooperate with large shareholders to damage the value of the company or act positively to promote corporate governance to enhance the value of the company？ By collecting data of the Chinese listed companies which have completed the process of non - tradable share reform from 2005 to 2007, we study the relation of institutional investors with corporate value. We find that there are significantly positive correlation between institutional investors and corporate value. And after the non - tradable share reform institutional investors, by all kinds of ways, have promoted corporate value＇s increase.

关 键 词：机构投资者 公司价值 股权分置改革 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] F224