CAJ | 학술논문

股权分置改革后，上市公司大股东的利益与股价密切相关，而作为最大流通股股东的机构投资者，其投资行为将影响公司股价，从而大股东将非常重视机构投资者的行为。那么在后股改时期，机构投资者是否与大股东合谋，损害公司价值还是通过积极行为促进公司治理的完善，提升公司价值？本文通过收集2005年至2007年已股改公司的数据，研究了后股改时期机构投资者与公司价值的关系。研究发现，机构投资者持股比例和公司价值存在显著正相关关系，研究结果表明，在后股改时期，机构投资者通过各种方式，促进了公司价值的提升。
고권분치개혁후，상시공사대고동적이익여고개밀절상관，이작위최대류통고고동적궤구투자자，기투자행위장영향공사고개，종이대고동장비상중시궤구투자자적행위。나요재후고개시기，궤구투자자시부여대고동합모，손해공사개치환시통과적겁행위촉진공사치리적완선，제승공사개치？본문통과수집2005년지2007년이고개공사적수거，연구료후고개시기궤구투자자여공사개치적관계。연구발현，궤구투자자지고비례화공사개치존재현저정상관관계，연구결과표명，재후고개시기，궤구투자자통과각충방식，촉진료공사개치적제승。
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.