Study On The Influence Of Institutional Investors’ Shareholding On The Value Of Enterprises

As one of the essential shareholders of the company,institutional investors,with their information advantage,talent advantage and scale advantage,play an increasingly important role in the capital market,and their role and the impact on enterprise value are also more and more concerned.Through theoretical analysis and empirical research,this paper discusses the influence of institutional investors’ shareholding ratio and its heterogeneity on enterprise value,and on this basis,it is important to test the value discovery function of institutional investors by using the model of lag period,which is of great significance for perfecting the influence mechanism of institutional investors and enterprise value,enriching the research perspective of institutional investors and promoting the role of institutional investors in supervising governance.This paper first combs the literature of domestic and foreign scholars in the field of institutional investors and enterprise value research,and finds that most scholars think that institutional investors can improve the enterprise value,but many scholars find that there is no promotion between them.In terms of the influence of institutional investor heterogeneity on corporate value,the existing research classifies institutional investors in capital market according to different indicators and methods,with a view to finding the effect of variable institutional investors on enterprise value.On the basis of principal-agent theory,signal transmission theory,effective market theory and cost-benefit theory,through the analysis of the mechanism of institutional investors influencing the value of enterprises,combined with the hypothesis of the efficiency of institutional investor supervision,this paper puts forward four research hypothesis on the influence of institutional investor’s shareholding ratio and its stability on enterprise value,and explores the value discovery function of institutional investors on this basis.In terms of research designing,this paper adopts the ratio of institutional investor’s shareholding as the measure of institutional investors,and introduces the stability index of institutional investors as the test index of heterogeneity,selects ROA,EPS and Tobin’s Q as the indexes to express the corporate value,constructs a multi-linear regression model,and lags the argument for a period,and further explores the influence of institutional investor’s shareholding ratio and its heterogeneity on the future enterprise value.On the ground of samples of A-share listed companies from 2010 to 2020,this paper draws the following conclusions through the research and analysis of the current regression model and the lag regression model:(1)Institutional investor shareholding has a significant effect on the enterprise value of listed companies,and corporate value will increase when the rate of institutional shareholding is rising;(2)Institutional investors’ heterogeneity has a significant impact on enterprise value.Compared with trading institutional investors,stable institutional investors have a more significant role in improving enterprise value;(3)Institutional investors have a significant role in improving the future enterprise value of listed companies,which means institutional investors play the value discovery function;(4)Compared to trading institutional investors,stable institutional investors play a more significant role in improving the future enterprise value of listed companies,and can play their value discovery function.As for the policy proposal,this paper holds that: we should vigorously develop institutional investors and improve their structure,promote institutional investors to participate in corporate governance,strengthen the level of institutional investors’ selfconstruction,and improve relevant laws and regulations to regulate the capital market.