| In recent years,institutional investors have developed rapidly under the support of national policies and market demand,and played an increasingly important role in the capital market.Institutional investors have the ability to exercise supervision power through active participation in corporate governance,and strive to improve the level of enterprise value to ensure their own return on investment.However,the phenomenon of short-term holding of institutional investors in China is serious,which is not in line with the existing logic of institutional investors in the developed capital market.Therefore,the development policy of institutional investors formulated according to the relevant foreign experience may not be able to effectively play its due value,so this paper takes A-share listed companies from the first quarter of 2016 to the fourth quarter of 2017 as a sample to study the relationship between the holding period of institutional investors and the company’s value.By tracking the listed companies with institutional investors holding more than one quarter in a row among the top ten circulation shareholders,this paper obtains 2095 observation data,and discusses the correlation analysis and regression test results of the data.It is found that there is a significant negative correlation between the holding period of institutional investors and the value of listed companies,but this correlation is significantly different in the case of different nature of enterprises and ownership concentration.From the perspective of internal governance and external market factors,this paper makes a comprehensive and in-depth study on the motivation and possibility of institutional investors’ influence on the value of listed companies,aiming to further understand the effectiveness of institutional investors’ role in the market and corporate governance,and provide some meaningful theoretical knowledge for the healthy development of institutional investors. |
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