An Empirical Study Of Institutional Investors Impacting The Value Of Listed Companies In New Three Board

Since the introduction of the market-maker system in August 2014,the new three-plate market has developed rapidly and the average market value of the market has been greatly improved.From the establishment of the new three board to the present,from the initial not being optimistic to the participation of a large number of institutional investors,the new three board has provided tremendous help to the financing of small and medium enterprises,financing and the promotion of high-tech enterprises.The new three board listed companies are in the national capital market.The status of China has also been relatively greatly improved.With the increase in the number of companies listed on the new three board,the size of institutional investors has also been correspondingly expanded.In recent years,the proportion of institutional investors in the development of the new three board has not been high,but they have made great contributions.At present,relevant studies on institutional investors at home and abroad have been relatively abundant,and the research issues involved have been more focused on institutional investors' impact on corporate performance,corporate governance,and merger performance,and the empirical research on institutional investors' stock ownership has been unraveled.Ideas and directions are provided.However,the research objects of the existing researches are mostly concentrated on listed companies.However,there are not many empirical studies on the exploration of institutional investors'shareholding and corporate value with the new three boards as the research object.It is not known whether the relevant research conclusions on the influence of institutional investors on listed companies are equally applicable to listed companies in the new three board.As a new capital market in China,the new three board needs to be further studied if there is a relationship between institutional investors and corporate value and how institutional investors play a role in the new three board market.This paper focuses on the new 3rd-listed companies,explores the impact of institutional investors' shareholding on corporate value,and explores the impact of different types of institutional investment on firm value by analyzing the preferences and objectives of different types of institutional investors.In this paper,through reviewing the literature,there are several opinions in the study on the impact of institutional investors on corporate value,and the analysis of institutional investors' motivation for stock holdings based on signal transmission theory,principal-agent theory,stakeholder theory,and cost-benefit theory.Based on this,it analyzes the multiple ways in which institutional investors affect corporate value and proposes the hypothesis of this article.It validates the hypothesis using a multiple regression approach,analyzes the impact of institutional investors on corporate valuation based on empirical results,and finally arrives at a conclusion and some suggests.The conclusions of this paper are:(1)Institutional investors can promote value appreciation of the company after holding shares;(2)Different types of institutional investors have different effects on the value of the company.The characteristics of this paper are:(1)Taking the new three-listed companies as research samples,it is different from the existing research samples that are mainly listed companies.(2)although this paper also studies the types of institutional investors,based on the current situation of the new three board market,the types of institutional groups are different from those of the existing ones.This paper divides them into strategic and transaction types according to the heterogeneity of institutional investors.This article studies the relationship between the shareholding ratio of the new three board institutional investors and the corporate value,analyzes the influence of the institutional shareholders on the corporate value under the new three board special system,and provides certain empirical evidence for the continued healthy development of the new three board;The research on classifications explores the differences in the influence of different types of institutional shareholders on corporate value,and provides some reference for developing and enriching the number and types of institutional investors in the new three board market.