CAJ | 학술논문

上市公司市场价值是投资者获得投资收益的主要来源，公司市场价值的提升是投资者保护的重要体现。本文在制度分析的基础上，通过面板数据模型，实证分析中国机构投资者提升上市公司市场价值的制度条件。结果发现，机构投资者提升上市公司市场价值的作用受到机构持股数量和上市公司所有权性质的影响。较高的持股比例是机构投资者提升上市公司市场价值的重要条件；而上市公司的国有控制特征降低了机构投资者的上市公司价值提升作用，并且国有控制的这种限制作用主要来自地方控制的上市公司。上述研究发现，对理解发展机构投资者的经济后果具有重要意义，有助于更加深入地理解机构投资者提升上市公司市场价值的制度条件，也为投资者保护研究提供了一个有益的视角。
상시공사시장개치시투자자획득투자수익적주요래원，공사시장개치적제승시투자자보호적중요체현。본문재제도분석적기출상，통과면판수거모형，실증분석중국궤구투자자제승상시공사시장개치적제도조건。결과발현，궤구투자자제승상시공사시장개치적작용수도궤구지고수량화상시공사소유권성질적영향。교고적지고비례시궤구투자자제승상시공사시장개치적중요조건；이상시공사적국유공제특정강저료궤구투자자적상시공사개치제승작용，병차국유공제적저충한제작용주요래자지방공제적상시공사。상술연구발현，대리해발전궤구투자자적경제후과구유중요의의，유조우경가심입지리해궤구투자자제승상시공사시장개치적제도조건，야위투자자보호연구제공료일개유익적시각。
The market value improvement of listed companies is an important manifestation of investor protection Based on the Institutional analysis, we examine the Institutional conditions of institutional investor＇ effect on the companies＇ market value. The result shows that institutional investor＇s effect on companies＇ market value is affected by the number of institutional ownership and the system conditions. Higher proportion of institutional ownership is very important to its effect on companies＇ market value; and the state - owned characteristics of companies can reduce the institutional investor＇s positive effect on companies＇ market value. The findings are very important to understand the economic conse- quences of developing institutional investor and offer a useful perspective for Investor protection study.