机构投资者持股对于农业上市公司企业价值的影响  

THE IMPACT OF INSTITUTIONAL INVESTORS SHAREHOLDING ON THE VALUE OF AGRICULTURAL LISTED COMPANIES

作　　者：秦一杰 杨传宇 孙中叶[1] QIN Yijie;YANG Chuanyu;SUN Zhongye(School of Economics and Trade,Henan University of Technology,Zhengzhou 450001,China)

机构地区：[1]河南工业大学经济贸易学院,河南郑州450001

出　　处：《河南工业大学学报(社会科学版)》2025年第1期11-17,95,共8页Journal of Henan University of Technology:Social Science Edition

基　　金：国家社会科学基金项目(21BJL001)。

摘　　要：农业上市公司是当前乡村经济转型升级的核心,机构投资者是资本市场的风向标,考察其对农业上市公司企业价值的作用对于加快推进乡村振兴战略具有重要意义。选取2009—2022年我国农业上市公司为样本数据,基于股东积极主义及利益相关者理论,对机构投资者持股对农业上市公司价值的影响进行实证研究。研究表明,机构投资者持股能够显著提高农业上市公司企业价值,但不同产权性质的企业机构,投资者持股对公司企业价值的影响表现出显著的差异性,对非国有农业上市公司的影响更为显著。因此,政府应进一步扶持与规范机构投资者的发展,出台相关政策鼓励机构投资者更积极地参与农业上市公司治理,提高农业上市公司的市场认可及企业价值。Agricultural listed companies are the core of the current rural economic transformation and upgrading.As the“weather vane”of the capital market,we examine the role of institutional investors to the firm value of agricultural listed companies,which is of great significance for accelerating the rural revitalization strategy.Based on shareholder activism and stakeholder theory,we select listed agricultural companies from 2009 to 2022 as sample data,and explore the impact of institutional investor shareholding on the value of listed agricultural companies.The research showed that the institutional investors shareholding can significantly improve the value of listed agricultural companies,while there were significant differences according to different property rights of enterprises.It is more significant for the non-state-owned listed agricultural companies.Therefore,the government should further support and standardize the development of institutional investors,and formulate relevant policies to encourage institutional investors to participate in the management of agricultural listing company,which could improve the market recognition and value of agricultural listed companies.

关 键 词：农业上市公司 企业价值 机构投资者 公司治理 

分 类 号：F275[经济管理—企业管理] F832.5[经济管理—国民经济]