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Study of Share of Institutional Investors, Protection of Medium-small Investors and Corporate Value

Author: YuQiWei
Tutor: LuoBenDe
School: Southwest University of Political Science
Course: National Economics
Keywords: Share of Institutional investors Protection of Medium-smallinvestors Corporate Value
CLC: F275
Type: Master's thesis
Year: 2012
Downloads: 40
Quote: 0
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Abstract


Since1980s, the investor taking part in the management of a company has beenan important mechanism in the administrative change of western companies. A newcharacteristic of ownership structure is that the scale of stock ownership increasescontinuously. The investor who has the largest percentage of share supervises theconduct of management level, improves the management structure and increases theefficiency and value of the company. From the experience of western countries, wenotice that the active participation of investors can improve the management of listedcompany. As a result, the participation of investors in the management of a companyis paid more attention in China. Furthermore, the protection of medium and smallinvestors has been a popular topic to study, too. In most countries the corporatecontrol of a company concentrates more on the top managers. If there is a lack ofsupervise, the top managers will pursue their own maximum interests and exploit theinterests of outer investors, thus hurt the interests of medium and small investors.This paper is mainly on supervise of top managers and controlling shareholders,improvement of management and protection of the interests of medium and smallinvestors. After the review of the current papers overseas and at home on companymanagement, this paper summarized the three inhibition systems of controllingshareholders on medium and small investors: ownership structure, institutionalinvestors and legal protection. The current papers focus on the relationship betweenone or two aspects of the three systems with corporate value. From a microeconomicpoint of view, this paper unified the three systems and discussed the interactive roleof the shareholder’s balance, institutional investors and legal protection in corporatevalue. This system was verified by the panel data of listed companies.This paper focuses on the influence of institutional investors and the protectionof investors on the efficiency of a company. After the analysis of the panel data of718listed companies from2006-2010, the findings are as follows: 1, Share of the main shareholders increases, they will supervise more innersystem to protect their own interests. The tendency to change interests is decreasedand thus improves the corporate value.2, Share of institutional investors increases, they will supervise more outersystem to protect their own interests. The tendency to change interests is decreasedand thus improves the corporate value.3, With better legal protection, the possibility to be discovered of changeinterests increases. The tendency to change interests is decreased and thus improvesthe corporate value.4, With better legal protection, the share of institutional investors has lessinfluence on corporate value. That is to say, with better legal protection and the samecorporate value, the influence of increased share of institutional investors can bedecreased. Because the participation of shareholder costs money, it is still probablethat they can make much interests even though they do not take part in management.5, With better legal protection, the influence of main shareholders on corporatevalue is decreased.In the end, this paper comes up with some political proposals as for thepercentage of institutional investors, disclosure of information, legal system and thesupervise of institutional investors.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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