| After thirty years of development,the number of institutional investors and the scale of investment gradually expanded,the investment model is also maturing,which plays an increasingly important role in promoting the development of financial markets.The shareholding ratio is low,the risk of institutional investors out of the market is relatively low,and with the increased proportion of shares,institutional investors take a short-term investment strategy to manage the stock,will only make the bear stock prices fell sharply and losses,therefore more institutional investors to seek ways to get a stable income.They are the identity of the shareholders of the listed company management decision-making opinion,supervision management and shareholder behavior,improve the internal governance environment in order to promote the healthy and stable development,and have achieved certain results.The role of institutional investors has gradually aroused the concern of our government.At the same time,the government has introduced the relevant laws and regulations to protect the shareholders’ rights.However,in China’s unique market environment,institutional investors are still able to play an effective role,there are still uncertainties,it is necessary to study the specific circumstances of our country.Although there are some scholars from the perspective of earnings management behavior,corporate performance and other related research,but few scholars from the perspective of agency costs.Therefore,this paper studies the impact of institutional investors on the governance of listed companies,and the regulatory role of property rights and the degree of market development.The study found that with the increase in the proportion of shareholding,the dual agency costs of listed companies showed a "U" shape which first decreased and then increased.The increase of institutional ownership can improve the governance of listed companies,but in the presence of excessive speculation,it will have a negative impact on the governance of listed companies.Therefore,our government should encourage and control the behavior of institutional investors. |
