Research On The Impact Of Institutional Investors On The Corporate Performance

With the rapid development of the securities market,institutional investors is becoming more and more important.Independent of the medium and small investors and controlling shareholders,Investment institutions have more advantage on speciality?information and capitality than small shareholders.Depending on the scale of assets,professional investment team,and rational investment philosophy,they actively participate in the corporate governance,and actively vote at the general meeting of shareholders,supervises management,then having a great impact on the management of the company's operations and business performance.But different types of institutional investors in many ways have a big difference,and the impact on the company is not the same.Based on empirical research,combined with normative research,through descriptive statistics,correlation analysis,regression analysis and other methods,this paper studyed the impact of institutional investors on the company's operating performance.This paper firstly reviewed the research literature on the institutional investors of the domestic and foreign experts and scholars,based on the principal-agent theory,stakeholder theory and cost-benefit theory,theoretical analysis was carried out on the motivation of institutional investors participating in the operation and management of the company.Then it analyzed the development and current situation of the whole institutional investors and different types of institutional investors.Finally,empirical analysis were carried on the impact of the overall institutional investors and different types of institutional investors on corporate performance,and further analysis were conducted on the overall balance of different types of institutional investors and institutional investors in the company's first major shareholder.The last chapter summarized the paper.The main conclusions of this paper were:(1)the overall institutional investor shareholding is positively related to the corporate performance,and the balance of the first major shareholders.(2)the securities investment fund and social security fund as an independent institutional investors and the company's operating performance is positively related,the first major shareholders also have a positive correlation.However,QFII also as an independent institutional investors on the company's operating performance and the balance of the role of the largest are both not obvious,shareholder.(3)the impact of securities companies,insurance companies as a non independent institutional investors on the performance of the Holding Company is not obvious,the checks and balances of the largest shareholder is not obvious.The problems found in the research on how to make institutional investors have a positive impact on the operating performance of the company.Altogether this paper puts forward six feasible suggestions: establish a diversified development mechanism of institutional investors,guide institutional investors to establish "common action" concept.optimization of QFII,strengthen the investment environment the stakeholders of corporate governance.to guide institutional investors to actively participate in corporate governance,and strengthen the legal system for the protection of investors.