Does Institutional Investor Improve Corporate Value?-Evidence from the Listed Companies in China
研究2005-2007年中国完成股权分置改革的上市公司数据，发现机构投资者持股比例与公司价值显著正相关，表明机构投资者通过多种方式促进了公司价值提升。
After the non - tradable share reform in China, the interests of major shareholders of listed companies are greatly related to the stock price. As the largest shareholders of tradable shares, institutional investor will affect stock price, which make the major shareholders pay great attentions to their behaviors. So after the non — tradable share reform whether institutional investors cooperate with large shareholders to damage the value of the company or act positively to promote corporate governance to enhance the value of the company? By collecting data of the Chinese listed companies which have completed the process of non — tradable share reform from 2005 to 2007, we study the relation of institutional investors with corporate value. We find that there are significantly positive correlation between institutional investors and corporate value. And after the non - tradable share reform institutional investors, by all kinds of ways, have promoted corporate value's increase.