ShareHolding Of Institutional Investors,Corporate Risk Taking And Corporate Value

Institutional investors have achieved a rapid development since the Securities Regulatory Commission put forward the idea of developing institutional investors beyond normal,and they play a significant role in capital market.Compared with individual investors,they have the advantage of money and human resources.Thus,when participating in corporate governance,it can improve the efficiency of supervision.However,at present,institutional investors in China still have a serious problem in high turnover rate and serious speculation.Therefore,the impact of institutional investors on corporate governance,especially the level of corporate risk-taking,is still uncertain.Although researchers in foreign countries agree that institutional investors can add the corporate vale,institutional investors appeared for a short period in China and its impact on corporate value is still worth discussing.Previously,many studies studied the relationship between institutional investors'shareholding and corporate value directly,while ignoring the heterogeneity of institutional investors and whether institutional investors influence corporate value through intermediary mechanism.Therefore,from the perspective of corporate risk-taking,this paper explores the relationship between institutional investors'shareholding and corporate value,and further studies whether different types of institutional investors have different impacts on corporate risk-taking and corporate value.Based on the sample of listed companies from 2012 to 2017,this paper studies the relation between institutional investors' shareholding and corporate risk-taking considering the heterogeneity of institutional investors.The results show that institutional investors and pressure-resistance institutional investors have a positive effect on risk-taking,and the pressure-sensitive institutional investors behave worse.Speaking of the corporate value,institutional investors and pressure-resistance can increase the value.And this paper also finds that the corporate risk-taking has a positive relation with corporate value.It is also found that corporate risk-taking plays an intermediary role between institutional investors' shareholding and corporate value.Finally,according to the conclusion and actual situations of China,the following suggestions are put forward:vigorously developing institutional investors and improving their structure;standardizing the behavior of institutional investors and advocating the shareholder activism;attaching importance to corporate risk management;restricting the over-concentration of Equity Rights.