Research On The Influence Of Institutional Investor Heterogeneity On Corporate Financial Performance

Institutional investors in China started late and have a small scale.When foreign institutional investors hold an average of 20%-30%,institutional investors in China have only just started,until in 2006,China's institutional investors entered a state of rapid development.With the development and growth of institutional investors,the theoretical research on institutional investors is also be enriched.Most of the research are focus on the relationship between the shareholding ratio and the financial performance of the company.most scholars still hold a positive attitude and believe that the shareholding ratio of institutional investors are positively related to the financial performance of the enterprise.From the perspective of heterogeneity of institutional investors,the research on the relationship between financial performance and the shareholding ratio of institutional investors is not so mature.Therefore,this thesis will study its relationship with corporate financial performance from the perspective of heterogeneity.This thesis uses AHP to construct an indicator system to measure financial performance,and refers to the research results of previous scholars to classify institutional investors as independent institutional investors and non-independent institutional investors.And we will to study their relationship with financial performance,and on this basis,further consider whether the impact of domestic and foreign independent institutional investors on financial performance will be different;The impact of independent institutional investors on financial performance will vary depending on the type of business.The article selects the sample data from 2013 to 2017,takes the Shanghai and Shenzhen A-share listed companies as the research object,uses SPSS24.0 statistical software to conduct empirical research on each variable,and draws the following conclusions.First,the shareholding ratio of independent institutional investors is significant positively correlated with corporate financial performance.Similarly,the increase in shareholding ratio will also lead to an increase in financial performance,rather than the non-independent institutional investor's shareholding ratio and financial position of independent institutional investors.There is no such significant correlation in performance.Second,both domestic independent institutional investors and foreign independent institutional investors have a significant positive correlation with the impact on corporate financial performance,and foreign independent institutional investors have a greater role.Third,in non-family businesses,independent institutional investors are more likely to play their supervisory role,and the positive impact on corporate financial performance is more obvious.Finally,based on the research conclusions of institutional investors' heterogeneity and financial performance,this thesis puts forward some suggestions for the development of institutional investors.