An Empirical Study Of The Impact Of Institutional Investor Ownership On Enterprise Value

In 2014,the State Council put forward some suggestions on promoting the innovation and development of institutional investors in the opinions on further promoting the healthy development of the capital market.General Secretary Xi also stressed the important role of institutional investors in the supply side structural reform process to play an important role.The status of institutional investors in the capital market is self-evident.The structure of investors has undergone fundamental changes.Institutional investors into the ten largest shareholder of the phenomenon is also very common.Institutional investors gradually replace individual investors as the active force in China's securities market.The development experience of western mature capital market and the development of China's capital market: The healthy development of the capital market must have a strong,diversified institutional investors.This paper focuses on the impact of institutional investors on corporate value.Institutional investors from the "vote with their feet" to "active participation" attitude change as a precondition.Based on the principal agent theory,stakeholder theory,corporate strategy theory and the higher echelon theory as a guide.Through the methods of literature analysis,normative research and empirical analysis.This paper makes a deep analysis of the correlation between the proportion of institutional investors and the value of enterprises.The conclusions of this paper are of practical significance to reveal the relationship between institutional investors and corporate value,as well as the role of institutional investors in the process of enterprise strategic management decisionsBased on the analysis of the data of 2203 listed companies in 2011-2015,the theoretical derivation and empirical analysis by data descriptive linear regression are given as follows:(1)The proportion of institutional investor positive impact on corporate value;(2)Research expenditure and strategic merger as intermediary variables are positively promoting the impact of institutional investor ownership on firm value;(3)The nature of firm and firm size play a significant role in regulating the relationship between institutional investors' ownership and research expenditure and strategic merger.That is to say,compared with the state-owned enterprises,large scale enterprises have more influence on the enterprise value than the stateowned enterprises.The executives did not play a regulatory role in this relationship.For the conclusion of the study,this paper puts forward some suggestions on how to improve the effective linkage between institutional investors and enterprises as well as the steady development of institutional investors in the capital market.