本文以创业板上市公司和机构投资者为研究对象,研究机构投资者与上市公司治理和价值的双向影响。研究表明,创业板上市公司治理和机构投资者之间是良性循环,即机构投资者能改善上市公司的治理水平和价值表现,同时被改善治理水平和价值的上市公司会吸引更多的机构投资者持股。该研究不仅在理论上对创业板机构投资者的作用进行了肯定,也为我国监管机构如何促进机构投资者的发展提出相应的政策建议。
This paper analyzes the mutually effect between institutional investor and GEM corporate governance. We can infer from the research that institutional investor and GEM corporates' governance and value were mutually beneficial, which means institutional investor could improve the level of corporates' governance and value and meanwhile the improved corporates' governance and value could attract institutional investor's investments. This research not only confirms the positive effect of institutional investors in theory but also provided suggestions for supervision authorities about how to promote the development of institutional investors.