Research On The Impact Of Institutional Investors Heterogeneity On The Investment Efficiency Of Listing Corporation

Investment activity is an important basis for the accumulation of the company’s funds and it is also one of the important ways to the development of enterprise, the enterprise investment efficiency has become an important index to measure the value of the company. In reality, whether a country or enterprise will appear low investment efficiency and even negative efficiency, which contrary to the market economy and the pursuit of profit maximization of the business restrict the healthy development of the company seriously. How to improve the efficiency of investment effectively to increase the value of the company has caused widespread concern from government and enterprise. Domestic and foreign scholars have studied the company level of investment from the aspects of ownership-structure corporate governance etc, but there is no uniform conclusion. In recent years, along with the national attention and the pace of developing institutional investors is accelerating, the institutional investors gradually increase the company’s voice and the way of investment transformed "vote by foot" into "vote by hand", the potential of playing a positive role is mining. Institutional investors through putting forward proposals and recommending the board of directors on behalf of shareholders and improving the system of independent directors and other companies to affect investment efficiency, and play a very good control in optimizing corporation governance structure, improving investment efficiency and reducing the "free rider". To the domestic and foreign scholars, "Institutional ownership" has become an important research perspective to improve the corporate governance level.This paper combines the heterogeneity of institutional investors and the investment efficiency of listing corporation, study the influence of different types of institutional investors on corporate investment efficiency after analysis different scholars study from all aspects. In the empirical test, put the heterogeneity of institutional investors into the model creatively and design a simple and practical index to explore the institutional investors status of China, and in-depth study of the different types of institutional investors on the impact of non state-owned enterprises, state-owned investment efficiency, enrich the research angle. Study found that institutional investors shareholding ratio and investment efficiency level was significant positive correlated, pressure resist institutional investors’ shareholding ratio and investment efficiency level has a significant positive correlation, the pressure sensitive institutional investors and investment efficiency level has a significant negative correlation, while further research found that pressure resist institutional investors has a relative advantage to pressure sensitive institutional investors, accord with the strategic objective of developing institutional investors in China. Institutional investors can not only improve the efficiency of investment of listing corporation but also play an important role in the reform of state-owned enterprises. Finally, put forward a series of feasible policy recommendations to further improve the development of institutional investors.