The Correlative Research Between Institutional Investors’ Shareholding And Corporate Value Added

Development of Western institutional investors is earlier than our country, so the Western research on relevant aspects of institutional investors is relatively abundant. In Western capital markets, institutional investors than individual investors have a strong financial advantage, sources of information and professional team, so the status of institutional investors in the capital market cannot be ignored. Moreover, China’s institutional investors started lately, although in recent years have developed rapidly, but its scale of development and specialization of investment experience are not as same as the West. Domestic institutional investors on research is not very comprehensive and mature, so, as independent of major shareholders and minority shareholders of institutional investors, both in terms of the impact on the invested enterprise or the development of the capital market have a significance. In recent years, with larger-scale institutional investors, the relationship of Institutional investors and portfolio companies value-added caused widespread concern of domestic scholars. Scholars have been involved in governance efficiency of institutional investors conducted some researches, because they are mostly no institutional investors classification system, the conclusions are not the same. Therefore, a thorough study of institutional investors in research and enterprise value of different types of relationships is necessary.Firstly, the relevant research results are summarized and summarized; then a brief introduction about the concept of institutional investors and corporate value added; then combined relationship of institutional investors and invested companies, their qualitative division; Further analysis through exploration of different types of institutional investors to participate in corporate governance to discuss different ways to impact on corporate value added may arise subsequent to lay the theoretical foundation for empirical research; after propose appropriate assumptions, select the object of study that Shanghai and Shenzhen motherboard a-share listed companies in the presence of 673 institutional investors chart for four consecutive years. EVA used as a measure of corporate value added, establish its stake to institutional investors and the regression model, Firm size, debt ratio, the controlling shareholder of the nature are the three control variables, correlation analysis and regression analysis to explore a whole as well as different type institutional ownership and value-added business relationship. Then, According to the empirical results of the analysis are consistent with the hypothesis. Finally, put forward some suggestions to refine and improve institutional investors.