The Impact Of Private Securities Investment Fund On The Performance Of Listed Companies

In January 2009,the guidelines on the securities investment business of trust companies was issued,and for the first time,private securities products were regulated by regulators.In June 2013,the private securities investment fund had been brought into the supervision scope of the“Law on Securities Investment”and its legal status had been confirmed officially.Regulators hope to promote the development of listed companies by introducing various professional institutional investors.With the improvement of the regulations and the increase of residents’demand for wealth management,private securities investment fund rose to prominence and gradually became important institutional investors in the A-share market and shareholders of listed companies.Then,did private securities investment fund play a role in improving the performance of listed companies in China?This paper attempted to explore this issue.By verifying the relationship between the two,this paper further enriched relevant theories on the correlation between institutional investors and corporate performance,and put forward suggestions on how to promote the good interaction between private securities investment fund and listed companies.First of all,this paper selected data of 2010-2017 non-financial listed companies to study the relationship between private securities investment fund and corporate performance.The results showed that the private securities investment fund had a significant positive impact on the corporate performance.In order to avoid the endogenous problems caused by"value selection",the simultaneous equation model and the tool variable method were used for regression analysis.It was still found that private securities investment fund had a significant positive impact on the corporate performance.Then,this paper further explored whether the internal differences of private securities investment fund will affect the corporate performance,and tried to analyze from the perspective of the investment strategy and the professional ability of fund managers.This paper selected the companies invested by private securities investment fund as sub-samples in the whole sample to study the influence of investment strategies and the professional ability of fund managers on the corporate performance.The results showed that the more stable the shareholding and the stronger the professional ability of the fund manager,the better the corporate performance.The contributions of this paper was to study the relationship between private securities investment fund and the corporate performance which makes up for the deficiency of existing research.