机构投资者持股对公司价值影响的实证研究

发布时间：2018-11-01 11:37

【摘要】：我国在2004年也提出，推进市场改革稳定市场发展，并重点强调了通过引入机构投资者来改善我国股市的投资结构，从依靠上市公司自身发展和政策调控到依靠市场力量为上市公司提供发展的原动力。随着2005年我国A股市场股权分置改革的结束，大量非流通股的解禁，也为机构投资者大量进入股市提供了条件。截至2008年，机构投资者在我国股票市场的投资比重已占到流通市值的50%。其发展速度非常快，已经成为我国证券市场的主要力量。基于机构投资者的快速发展，本文围绕机构投资影响上市公司的公司价值这一问题展开研究，以股东积极主义行为特征为前提，通过委托代理理论、利益相关者理论、系统理论、权变理论为指导，以规范研究和实证研究相结合的方法，对机构投资者持股比和企业价值之间的相关性进行研究。本文的研究对于揭示机构投资者与公司价值的关系，为企业经营管理提出实践指导，都有很现实的作用。通过对我国A股市场2006年到2010年五年的数据进行分析，我国机构投资者整体上在选择股票的时候，会选择具有较高公司价值的企业。其中最具代表性的机构投资类型包括证券投资基金、社保基金、QFII，他们的对表示公司价值的各项指标均比较关注，他们也都秉承了价值投资理念，，在投资上市公司的过程中都进行了价值选择。而保险公司和券商没有很好地贯彻价值投资。根据统计，企业年金、信托公司、财务公司在机构投资者中所占的比例较小，在我国还未形成大规模的机构投资者。在研究构投资者持股比例变化中发现，股票的市值、Tobin Q的变化量均与机构持股比例的变化呈显著的正相关关系，这说明机构投资者进行价值投资，这种行为也提升了上市公司的价值，不仅是企业市场价值，还包括企业的内在价值。
[Abstract]:In 2004, China also proposed to promote market reform and stabilize market development, with emphasis on improving the investment structure of China's stock market by introducing institutional investors. From relying on the development and policy regulation of listed companies to relying on market forces to provide the motive force for the development of listed companies. With the end of the reform of non-tradable shares in China's A-share market in 2005, the lifting of a large number of non-tradable shares also provides conditions for institutional investors to enter the stock market in large numbers. As of 2008, the proportion of institutional investors in China's stock market has accounted for 50 percent of the current market value. Its development speed is very fast, already became the main force of our country security market. Based on the rapid development of institutional investors, this paper focuses on the issue of institutional investment affecting the corporate value of listed companies, based on the characteristics of shareholder activism, through the principal-agent theory, stakeholder theory. Under the guidance of system theory and contingency theory, the relationship between institutional investors' shareholding ratio and firm value is studied by combining normative research with empirical research. The research in this paper has a practical effect on revealing the relationship between institutional investors and corporate value and providing practical guidance for enterprise management. By analyzing the data of five years from 2006 to 2010 in China's A-share market, the institutional investors in our country will choose the enterprises with higher corporate value when they choose the stock as a whole. Among them, the most representative types of institutional investment include securities investment funds, social security funds, and QFII,. They all pay more attention to the indicators that represent the value of the company, and they all adhere to the concept of value investment. In the investment of listed companies in the process of value selection. And insurance companies and brokers do not carry out the value of investment. According to statistics, the proportion of enterprise annuity, trust company and financial company in institutional investors is small, and no large-scale institutional investors have been formed in our country. In the study of the change of shareholding ratio of institutional investors, it is found that there is a significant positive correlation between the change of stock market value, Tobin Q and the change of institutional shareholding ratio, which indicates that institutional investors invest in value. This behavior also promotes the value of listed companies, not only the market value of enterprises, but also the intrinsic value of enterprises.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

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