| In Chinese listed companies,a dominant situation is more common,large shareholders and small shareholders there is a serious conflict between agents,leading to a number of listed companies governance problems.From the perspective of corporate governance,institutional investors are an important role in corporate governance.In developed countries in Europe and America,institutional investors have been developed for half a century,has long been a major participant in the capital market.In the past two decades,institutional investors in China have also developed,and the total amount in the capital market has exceeded 50%,which provides a new mechanism for the governance of listed companies in China.In the early stages of the development of institutional investors,they mainly dominated by short-term speculation,in the role of investment companies as "negativeists".Today’s institutional investors have been transformed into "activists" who have used their own professional competence,information mining capabilities,etc.,through a variety of ways to participate in corporate governance,improve the level of governance of the invested company.The existing research also shows that the institutional investors can enhance the value of the company,but the institutional investors on the value of the company’s role in the mechanism of research is relatively lacking.After the global financial crisis,China’s economic growth slowed down,the economic development model from the bold development to intensive development.One of the main features of intensive economic development is innovation-driven development.According to the theory of endogenous growth,internal technological innovation is a constant source of economic growth,and listed companies as a microcosmic part of a country’s economy can also use endogenous growth theory to explain its value growth.Continuous technological innovation is also an inexhaustible driving force for the growth of listed companies.The central government will also increase the technological innovation of enterprises to the height of the national strategy,policies continue to encourage China’s listed companies to increase investment in technological innovation,technological innovation has shown a good momentum.Although the intensity of technological innovation investment of listed companies is increasing,it does not mean that the achievements of technological innovation are obtained,and the technological innovation performance determines the result of technological innovation.China ’s listed companies need to focus on improving their own technological innovation performance.And the efficiency of technological innovation as a listed company’s technological innovation activities,whether the institutional investors holdings and corporate value play an intermediary role between this article is to study the problem.In this paperbased on the theory of shareholder activism and the basic theory of resources,from 2012 to 2015 in Shanghai and Shenzhen A-share listed companies as samples,researched the relationship between institutional investors,technological innovation performance and corporate value.The results show that the higher the proportion of institutional investors,the higher the performance of technological innovation;the value of the company is positively related to the performance of technological innovation;the performance of technological innovation plays a mediating role between institutional investors and corporate value.The main content of this paper is divided into five chapters:The first chapter is the introduction,which mainly elaborates the research and significance of the topic selection,the research content and the method,the definition of the related concept,the literature review and the innovation and deficiency of the article.This paper summarizes the current situation of technological innovation in China’s listed companies and the relationship between institutional investors and corporate value,which shows that institutional investors can influence the value of the company by improving the performance of technological innovation and determine the research content and research purpose.The second chapter is the research on the correlation between the institutional investors’ holding and corporate value.Firstly,the paper analyzes the correlation between the institutional investors’ ownership and corporate value through shareholder activism.Second,make assumptions.Finally,the empirical test put forward the hypothesis.The third chapter is the impact of institutional investors on the technological innovation performance of listed companies.First of all,through the institutional investors on the impact of technological innovation investment theory analysis.Second,make assumptions.Finally,the empirical test put forward the hypothesis.The fourth chapter is the impact of technological innovation performance on the value of listed companies.Firstly,the paper analyzes the influence of institutional investors on the performance of listed companies’ technological innovation.Second,make assumptions.Finally,the empirical test put forward the hypothesis.The fifth chapter is the intermediary role of technological innovation performance.First,the paper analyzes the mediating role of technological innovation performance between institutional investors and corporate value.Second,make assumptions.Finally,the empirical test put forward the hypothesis.The sixth chapter is the conclusion and suggestion.On the one hand,according to the results of empirical tests come to reveal the study.On the other hand,China’s listed companies and institutional investors to make recommendations. |
