机构投资者对企业价值的影响如何区分价值筛选与价值创造

本文选取沪深股市2010～2018年上市企业的面板数据,就机构投资者持股对企业价值的影响方式(价值筛选和价值创造)及作用进行了分析研究,并且对不同类型机构投资者在不同时间点上的能力进行了分析.分析结果表明,机构投资者短期时间里只能表现出价值筛选能力,只有长期持股才能体现出其价值创造的能力.本文同时分析了不同类型机构投资者对企业价值的影响,各类型机构投资者在筛选价值和创造价值的能力上存在着显著异质性.短期内,交易型机构投资者的价值筛选能力更强;中长期内,稳定型机构投资者可以更好地发挥出价值创造能力.最后,鼓励机构投资者对企业进行长期投资,积极发挥其价值创造的能力.

The Impact of Institutional Investors on Corporate ValueHow to Distinguish Value Screening and Value Creation

This article selects the 9 years'' panel data(2010~2018) of listed companies in Shanghai and Shenzhen stock markets, and analyzes and studies the impact of institutional investor''s shareholding on corporate value (value screening and value creation) and effects, and analyzes different types. The capabilities of institutional investors at different points in time are analyzed. The analysis results show that institutional investors can only show the value screening ability in the short-term, and only long-term holdings can reflect their value creation ability. The thesis also analyzes the impact of different types of institutional investors on corporate value. There is significant heterogeneity in the ability of various types of institutional investors to screen value and create value. In the short term, transactional institutional investors have stronger value screening capabilities; in the medium to long term, stable institutional investors can better exert their value creation capabilities. Finally, institutional investors are encouraged to make long-term investments in enterprises and actively exert their value creation capabilities.