【摘要】：我國在2004年也提出，推進(jìn)市場改革穩(wěn)定市場發(fā)展，并重點(diǎn)強(qiáng)調(diào)了通過引入機(jī)構(gòu)投資者來改善我國股市的投資結(jié)構(gòu)，從依靠上市公司自身發(fā)展和政策調(diào)控到依靠市場力量為上市公司提供發(fā)展的原動(dòng)力。隨著2005年我國A股市場股權(quán)分置改革的結(jié)束，大量非流通股的解禁，也為機(jī)構(gòu)投資者大量進(jìn)入股市提供了條件。截至2008年，機(jī)構(gòu)投資者在我國股票市場的投資比重已占到流通市值的50%。其發(fā)展速度非常快，已經(jīng)成為我國證券市場的主要力量�；跈C(jī)構(gòu)投資者的快速發(fā)展，本文圍繞機(jī)構(gòu)投資影響上市公司的公司價(jià)值這一問題展開研究，以股東積極主義行為特征為前提，通過委托代理理論、利益相關(guān)者理論、系統(tǒng)理論、權(quán)變理論為指導(dǎo)，以規(guī)范研究和實(shí)證研究相結(jié)合的方法，對(duì)機(jī)構(gòu)投資者持股比和企業(yè)價(jià)值之間的相關(guān)性進(jìn)行研究。本文的研究對(duì)于揭示機(jī)構(gòu)投資者與公司價(jià)值的關(guān)系，為企業(yè)經(jīng)營管理提出實(shí)踐指導(dǎo)，都有很現(xiàn)實(shí)的作用。 通過對(duì)我國A股市場2006年到2010年五年的數(shù)據(jù)進(jìn)行分析，我國機(jī)構(gòu)投資者整體上在選擇股票的時(shí)候，會(huì)選擇具有較高公司價(jià)值的企業(yè)。其中最具代表性的機(jī)構(gòu)投資類型包括證券投資基金、社�；稹FII，他們的對(duì)表示公司價(jià)值的各項(xiàng)指標(biāo)均比較關(guān)注，他們也都秉承了價(jià)值投資理念，，在投資上市公司的過程中都進(jìn)行了價(jià)值選擇。而保險(xiǎn)公司和券商沒有很好地貫徹價(jià)值投資。根據(jù)統(tǒng)計(jì)，企業(yè)年金、信托公司、財(cái)務(wù)公司在機(jī)構(gòu)投資者中所占的比例較小，在我國還未形成大規(guī)模的機(jī)構(gòu)投資者。在研究構(gòu)投資者持股比例變化中發(fā)現(xiàn)，股票的市值、Tobin Q的變化量均與機(jī)構(gòu)持股比例的變化呈顯著的正相關(guān)關(guān)系，這說明機(jī)構(gòu)投資者進(jìn)行價(jià)值投資，這種行為也提升了上市公司的價(jià)值，不僅是企業(yè)市場價(jià)值，還包括企業(yè)的內(nèi)在價(jià)值。
[Abstract]:In 2004, China also proposed to promote market reform and stabilize market development, with emphasis on improving the investment structure of China's stock market by introducing institutional investors. From relying on the development and policy regulation of listed companies to relying on market forces to provide the motive force for the development of listed companies. With the end of the reform of non-tradable shares in China's A-share market in 2005, the lifting of a large number of non-tradable shares also provides conditions for institutional investors to enter the stock market in large numbers. As of 2008, the proportion of institutional investors in China's stock market has accounted for 50 percent of the current market value. Its development speed is very fast, already became the main force of our country security market. Based on the rapid development of institutional investors, this paper focuses on the issue of institutional investment affecting the corporate value of listed companies, based on the characteristics of shareholder activism, through the principal-agent theory, stakeholder theory. Under the guidance of system theory and contingency theory, the relationship between institutional investors' shareholding ratio and firm value is studied by combining normative research with empirical research. The research in this paper has a practical effect on revealing the relationship between institutional investors and corporate value and providing practical guidance for enterprise management. By analyzing the data of five years from 2006 to 2010 in China's A-share market, the institutional investors in our country will choose the enterprises with higher corporate value when they choose the stock as a whole. Among them, the most representative types of institutional investment include securities investment funds, social security funds, and QFII,. They all pay more attention to the indicators that represent the value of the company, and they all adhere to the concept of value investment. In the investment of listed companies in the process of value selection. And insurance companies and brokers do not carry out the value of investment. According to statistics, the proportion of enterprise annuity, trust company and financial company in institutional investors is small, and no large-scale institutional investors have been formed in our country. In the study of the change of shareholding ratio of institutional investors, it is found that there is a significant positive correlation between the change of stock market value, Tobin Q and the change of institutional shareholding ratio, which indicates that institutional investors invest in value. This behavior also promotes the value of listed companies, not only the market value of enterprises, but also the intrinsic value of enterprises.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51

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