本文运用随机前沿模型，从代理成本的视角出发，实证检验了以证券投资基金为代表的机构投资者对公司价值的影响。研究结果表明，机构投资者持股对公司价值具有显著正面影响，但同时也表现出明显的“倒L”型特征。基于这一发现，进一步采用Hansen（1999）提出的面板门槛模型，测算了机构投资者对公司价值的影响发生显著结构性变化时的门槛水平，结果表明，当机构持股比例超过大约12%时，机构投资者对公司价值的提升作用会大幅减弱。同时，本文还发现，开放式基金相较于封闭式基金对公司价值的提升具有更加积极的作用。
With the rise of shareholder activism, institutional investors as big shareholders often choose to take the initiative to participate in corporate governance in order to standardize the organization structure and management behavior, so as to alleviate the agency conflicts, reduce agency cost, improve corporate governance efficiency. Obviously, whether China's institutional investors can play a positive role in reducing agency cost and increasing company value is becoming an important research topic. In this paper, the quarterly data of listed companies in Shanghai and Shenzhen stock Exchange is chosen as samples from 2007 to 2012. From the perspective of agency costs, stochastic frontier model is used to examine the impact of China's institutional investors on the company value. The analysis finds that with the increase of institutional investors holdings, the company value increased significantly, but it also shows an inverse-L-shaped relationship between the two. Based on this finding, panel threshold model is further adopted to search the threshold value over which the institutional investors' positive impact on company value shows a structural adjustment. The results find that when the proportion of institutional ownership exceeds about 12%, the impact of institutional investors on company value will be greatly diminished. Meanwhile, the evidence supporting the point of statement that open-end funds have more positive and significant influence on company value than closed-end funds is provided.
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