The Rearch For The Impact Of Heterogeneity Institutional Investors Holding On The Growth Of The Listed Companies On Growth Enterprise Market

In 2009,the first batch of 28 listed companies came into the market on the Shenzhen Stock,marking the establishment of China's GEM officially.The establishment of the Growth Enterprise Market provides many small and medium-sized business enterprises with a direct financing channel,and greatly promotes the development of small and medium-sized enterprises with the two characteristics of independent innovation and high growth.The establishment of the GEM can help to solve the problem of the shortage of funds of entrepreneurial enterprises to a certain extent.The influence factor of high growth,as one characteristic of listed companies on GEM,deserves further study.Institutional investors play an important role in the capital market.It also has an assignable influence on the governance of listed companies.So it is necessary to study the impact of institutional ownership on the growth of GEM listed companies.First of all,this paper reviews the research results in related fields at home and abroad.Then,according to the research of the existing literature,the author analyzes the impact of the institutional investors on the growth of the listed companies,and then divides the institutional investors into pressure resistance type and pressure sensitive type.It is considered whether there are significant differences in the impact of different types of institutional investors on the growth of listed companies on the GEM.At the same time,in order to study the impact of institutional ownership on the growth of GEM listed companies from different aspects,this article takes the index of institutional investors' equity holdings into account.Firstly,this article analyzed the existing literature.Then the concepts of institutional investors and related concepts were introduced.Combined with the current situation of institutional investors in China,this article researched the different impact on the growth of the company published in the GEM through the analysis of the different approach by which the different institutional investors influence the company's daily operation and management.This article analyzed the impact of institutional ownership on the growth of the company published in the GEM from theory and empirical field.Taking 300 companies published in the GEM from 2013 to 2015 as samples,this article chose revenue growth rate as the index to measure the growth of the company published in the GEM,and took also company scale,ratio of eliabilities to assets,concentration of ownership,total assets turnover,operating margin as control variables.Then the article considered the influence to the growth of companies published in GEM caused by six targets respectively,such as the total shareholding ratio of institutional investor,the whole ownership balance degree of institutional investors,the pressure-resistance institutional investor holding,the pressure-resistance institutional investor ownership balance degree,the pressure-sesitve institutional investor holding,the pressure-sensitive institutional investor ownership balance degree.The following results are obtained.1.Institutional investors holding and ownership balance degree both have positive effect on the growth of listed companies.What's more,the former can promote the development of the company published in GEM.2.The proportion of heterogeneity of institutional investors holding has the same effect on the growth of the company published in GEM,However,The proportion of pressure-resistance and pressure-sensitive plays a positive role in the growth of the company published in GEM,3.The proportion of heterogeneity of institutional investors ownership balance degree has the different effect on the growth of the company published in GEM.The pressure-resistance institutional investors plays a positive role in the growth of the company published in GEM.On the contrary,the pressure-sensitive institutional investors plays a negative role.4.Debt paying ability,the company scale,profitadility and running capacity has obvious influence on the growth of the company published in GEM.5.Institutional investors can promote the growth of the company published in GEM in many ways.Institutional investors can affect the growth of the company directly and also influence the growth of the company through the impact on the capacity of running company.