CAJ | 학술논문

本文以中国2003—2011年间A股上市公司为研究样本，实证考察了机构投资者对企业现金持有价值的影响，研究发现，就整体层面而言，机构投资者并没有对现金持有价值产生显著的影响。然而按市场化程度高低分组来研究机构投资者的公司治理效应，发现在市场化程度较高的环境下，机构投资者持股能够显著提高公司现金持有价值；而在市场化程度较低的环境下，机构投资者持股反而损害公司现金持有价值。这一结论说明，只有在合适的制度环境下，机构投资者的积极治理效应才能得以充分发挥。这一实证结果也为中国当前正在深化的市场化改革以及实施的机构投资者战略提供了直接证据。
본문이중국2003—2011년간A고상시공사위연구양본，실증고찰료궤구투자자대기업현금지유개치적영향，연구발현，취정체층면이언，궤구투자자병몰유대현금지유개치산생현저적영향。연이안시장화정도고저분조래연구궤구투자자적공사치리효응，발현재시장화정도교고적배경하，궤구투자자지고능구현저제고공사현금지유개치；이재시장화정도교저적배경하，궤구투자자지고반이손해공사현금지유개치。저일결논설명，지유재합괄적제도배경하，궤구투자자적적겁치리효응재능득이충분발휘。저일실증결과야위중국당전정재심화적시장화개혁이급실시적궤구투자자전략제공료직접증거。
Based on Chinese 2003 -2011 A-stock listed companies as research samples, this empirical study studied on the effect of institutional investors on enterprise value of cash holdings and finds that, as a whole level,institutional in- vestors don＇ t have a remarkable impact on value of cash holdings. But as for the corporate governance effect of institutional investors according to the group based on the degree of marketization level, it is found that in the marketed environment of high degree, institutional investors can dramatically improve the value of cash holdings of the company ; While in the marke- ted environment of low degree, institutional investors may the damage value of cash holdings of the company. This conclu- sion shows that only in the appropriate system environment, the positive governance effect of institutional investors can be fully the i exerted. The empirical results also provide direct evidence for the market-oriented reform which is being deepened and mplemented strategy of the institutional investors in China.