制度条件、机构投资者与上市公司市场价值

上市公司市场价值是投资者获得投资收益的主要来源,公司市场价值的提升是投资者保护的重要体现。本文在制度分析的基础上,通过面板数据模型,实证分析中国机构投资者提升上市公司市场价值的制度条件。结果发现,机构投资者提升上市公司市场价值的作用受到机构持股数量和上市公司所有权性质的影响。较高的持股比例是机构投资者提升上市公司市场价值的重要条件;而上市公司的国有控制特征降低了机构投资者的上市公司价值提升作用,并且国有控制的这种限制作用主要来自地方控制的上市公司。上述研究发现,对理解发展机构投资者的经济后果具有重要意义,有助于更加深入地理解机构投资者提升上市公司市场价值的制度条件,也为投资者保护研究提供了一个有益的视角。

Institutional Conditions, Institutional Investors and the Market Value of Listed Companies

The market value improvement of listed companies is an important manifestation of investor protection. Based on the Institutional analysis,we examine the Institutional conditions of institutional investor’ effect on the companies’ market value.The result shows that institutional investor’s effect on companies’ market value is affected by the number of institutional ownership and the system conditions.Higher proportion of institutional ownership is very important to its effect on companies’ market value;and the state - owned characteristics of companies can reduce the institutional investor’s positive effect on companies’ market value.The findings are very important to understand the economic consequences of developing institutional investor and offer a useful perspective for Investor protection study.