Research On The Impact Of Institutional Investors’ Shareholdings On The Value Of Listed Companies On China’s Science And Technology Innovation Board And Chinext Board

A well-developed capital market function helps to promote the development of enterprises,and investor diversification is one of the important signs of a welldeveloped capital market function.In recent years,the proportion of institutional investors in China has gradually increased,making important contributions to the establishment and improvement of a mature capital market in China.In theory,institutional investors,as "internal important shareholders" and "external supervisors" of enterprises,usually can effectively reduce Principal–agent problem,promote enterprise innovation and improve enterprise performance by virtue of their professional advantages and information advantages.But in fact,different types of institutional investors have different characteristics,so their impact on enterprise innovation and value is also different.This article summarizes existing literature and finds that only studying institutional investors as a whole has an impact on corporate value,and the conclusions drawn are even completely opposite.The reason for this is that the structure of institutional investors has not been analyzed.Therefore,this article integrates heterogeneous institutional investors,innovation investment,and enterprise value into the same framework for in-depth research,exploring the impact of heterogeneous institutional investors on enterprise value and the mediating role of enterprise innovation investment,in order to provide some reference for improving the driving mechanism for improving enterprise value.This article focuses on enterprises listed on the Science and Technology Innovation Board and the Growth Enterprise Board from 2013 to 2020.Institutional investors are divided into pressure sensitive and pressure resistant types based on their business independence.Empirical methods are used to study the interrelationships between these two types of institutional investors,innovation investment,and enterprise value.Research has found that two types of institutional investors have a significant impact on corporate value,but the impact effects are different.Specifically,the higher the proportion of shares held by pressure sensitive institutional investors,the more significant the negative impact on corporate value,while pressure resistant institutional investors have the opposite effect.At the same time,the two types of institutional investors also have a significant impact on corporate innovation,and the impact effect is also different.Among them,the shareholding of pressure sensitive institutional investors has a significant negative effect on corporate innovation,while pressure resistant institutional investors have the opposite effect.In addition,according to the stepwise regression analysis method,the study found that enterprise innovation investment plays a partial mediating role in the relationship between heterogeneous institutional investors and enterprise value.