Research On The Impact Of Institutional Investors On Enterprise Value

Since 1980 s,institutional investors have developed rapidly in western developed countries and played an increasingly prominent role in the capital market.At this time,the development of institutional investors accompanied by shareholder activism also arose.Institutional investors applied the theory to the governance of enterprises and actively participated in corporate governance.Quality at the same time,Chinese scholars see institutional investors have become a part of the capital market,and in promoting the orderly and healthy development of capital market plays an important role,and actively learn from the western capital market,introduced and applied to the institutional investors in China market,actively explore the role of institutional investors in all walks of life,the supervision and management behavior,improve the quality of information disclosure in the market,improve corporate governance and improve the market system,promoting rapid economic development in China.Under the background of the rapid development of institutional investors,this paper studies a-share listed companies from 2014 to 2018 by using theoretical tools such as signal transmission theory and shareholder positive theory,and establishes A multiple regression analysis model to test the relationship between institutional investors and corporate value.Finally,according to the empirical results,we can see that :(1)the shareholding of institutional investors can not only improve the value of the current period,but also benefit the value appreciation of the next period;(2)compared with non-independent institutional investors,independent institutional investors play a more obvious role in enterprise value.According to the research results,it can not only expand the research perspective of institutional investors,further enrich andimprove the existing research at home and abroad,but also facilitate the improvement of China's market system,actively discover the positive role of institutional investors and make good use of it,and actively promote the more comprehensive development of China's capital market.