机构投资者与公司价值关系研究——来自上市公司要约收购的证据  

The Research of Institutional Investors and Firm Value:Evidence from the Tender Offer of Listed Companies

作　　者：龙振海[1] 

机构地区：[1]上海交通大学

出　　处：《南开管理评论》2010年第4期35-43,共9页Nankai Business Review

基　　金：国家自然科学基金项目(70772061)资助

摘　　要：本文以2005年到2008年我国上市公司发生的要约收购为研究背景,对我国机构投资者的作用进行分析。研究发现,交易期内机构投资者对公司价值有负面影响,交易期后机构投资者的持股并不能显著提高公司的价值。该结论表明,在减弱非市场化因素干扰的背景下,受制于本身机制设计的机构投资者并不能显著提升目标公司的价值。As an important governance mechanism of listed companies, institutional investors who actively participate in governance to entrance corporate value will directly affect the healthy development of capital markets. According to past literature, the paper analyzes the impact of institutional investors on corporate performance. Based on the research background of tender offer occurred in China＇s listed companies from 2005 to 2008, the article analyzes the role of institutional investors. The study reveals that institutional investors have a negative impact on the value of the company during the trading period. But they can not significantly increase the value of the companies afterwards. Overall, institutional investors do not play an active governance role and can not raise the value of listed companies. The main contribution of this study are as follows： （1） Although some articles suggest that institutional investors have already played an active role of governance and increased the companies＇ value, the scholars at home and abroad haven＇t formed the same understanding yet. Because our government has strong influence on capital market and the existing domestic researches seldom involve the factors about interference, this may be the reason for different conclusions. The paper cleverly chooses tender offer of listed companies as the research background in order to filter the non-market influential factors and enlarge the action of institutional investors in equity markets. It provides a useful perspective for uniting different opinions about institutional investors. （2） Departing from the mechanism design of institutional investors, we hope to draw a general conclusion. At last, for prompting institutional investors to participate in governance to enhance corporate value, we should make a further reform about decision-making mechanism of listed companies and give small shareholders more decision-making rights and relax ownership constraints in order to provide a more liberal institutional environmen

关 键 词：机构投资者 公司价值 要约收购 公司治理 

分 类 号：F26.62[经济管理—国民经济] F832.51