CAJ | 학술논문

基于机构投资者持股对家族上市公司价值影响的实证分析表明，机构投资者持股提高了家族企业价值，机构投资者持股比例和公司价值正相关。在控制性家族股东现金流权增大的情况下，机构投资者持股可以提高公司价值，而在控制性家族控制权增大的情况下，机构投资者持股对公司价值的提升作用会减弱。控制权与现金流权偏离程度越大时。机构投资者持股对公司价值的提升幅度也会降低，但不显著。
기우궤구투자자지고대가족상시공사개치영향적실증분석표명，궤구투자자지고제고료가족기업개치，궤구투자자지고비례화공사개치정상관。재공제성가족고동현금류권증대적정황하，궤구투자자지고가이제고공사개치，이재공제성가족공제권증대적정황하，궤구투자자지고대공사개치적제승작용회감약。공제권여현금류권편리정도월대시。궤구투자자지고대공사개치적제승폭도야회강저，단불현저。
The empirical analysis of the influence of institutional investors for family listed companies shows that, the holdings of institutional investors can increase the family enterprise value, and the share of institutional investors has positive relation with firm value. Based on the cash flow right of controlling family shareholders increase, the share of institutional investor can increase the firm value. ~owever, when the control power of controlling family shareholders increase, the effect of institutional investors for the firm value will weaken. When the cash flow right and the control power deviate, the positive effect of institutional investors for the firm value will reduce accordingly, but it isn＇t significant.