Separating Extent Of Ownership And Controlling Right?Institutional Investor's Shareholding And Corporate Performance

High-tech enterprises have become the core force of promoting social development and economic transformation.Promoting the development of high-tech enterprises and improving the business performance is the only way to accelerate economic development in our country.The issues related performance of high-tech enterprise gradually become the focus in the academic circles.High-tech enterprises have the characteristics of high risk,high income,and most of the ultimate controllers are willing to control high-tech enterprise through the pyramid structure.This structure may seperate cash flow rights from the control rights.Smaller cash flow right can disperse the risk of ultimate controller,higher control right can also control the production and operation of the enterprises.The ultimate controllers have motivation and ability to transfer resources fiom the company at the bottom of the pyramid stucture to company at the top of the pyramid stucture in order to obtain high yield.At the same time,high-tech enterprises with high risk have high yield in the securities market,so institutional investors generally favor hold high-tech listed companies to optimize the investment portfolio.Behavior of ultimate controller and institutional investors under pyramid structure belongs to category of internal governance and external governance respectively,and corporate governance is the root of corporate performance.High-tech enterprises have the unique corporate governance issues,so this article studies the impact of separating extent of ownership and controlling right,institution holdings on high-tech enterprise performance under the framework of corporate governance.The search chooses listed high-tech company from 2012-2015 in our country as the research sample to conduct empirical analysis.The results show that the cash-flow rights of ultimate controllers have significant positive effect on the high-technology enterprise performance.The degree of deviation between cash-flow rights and control rights on has significant negative effect on high-tech enterprise performance.Institutional investors holdings ratio has a significant positive correlation with high-tech enterprise performance,and institutional investor shareholding have positive effect on the relationship between separating extent of ownership and controlling right and high-tech enterprise performance.Finally,putting forward the corresponding policy recommendations based on the empirical results and analysis.Concretely,this article is divided into the following six parts,each part of the content is as follows:The first part:introduction.This section briefly introduces the research background and significance of this article,research content and framework,research methods and innovation points.The second part:literature review.This section reviews literature from three aspects which are the influence factors of corporate performance,the effect of separating extent of ownership and controlling right on corporate performance,and the effect of institutional investors holding on corporate performance.The third part:the theoretical analysis and the research hypothesis.Based on the corporate governance theory,we analysis the impact of separating extent of ownership and controlling right,institutional investors holding on enterprise performance,and the cross influence of separating extent of ownership and controlling right and institutional investors holding on high-tech enterprise performance according to the theoretical analysis and the research hypothesis.The fourth part:the research design.According to the above analysis,the relevant variables are defined and research hypothesis model are put forward in view of the above design.Select samples and determine data sources further.The fifth part:the empirical analysis.This part of this research uses statistical software to statistically descript selected samples,conduct correlation test and regression analysis according to the built model.Finally,in order to ensure the robustness of the results,conduct the robustness test.The sixth part:the empirical conclusions and policy recommendations.This part summarizes the empirical conclusions according to the result of regression analysis,and put forward reasonable suggestions based on the conclusions,finally listed the deficiency of this study.