The Impact Of Heterogeneous Institutional Investors On Company Performance

With the vigorous development of China's financial market,the continuous development and growth of institutional investors has gradually strengthened the impact on corporate performance.In addition,institutional investors of different nature have high levels of attention to investment companies and participation in corporate governance.There are lows,so it is necessary to study and discuss the impact of institutional investors as a whole and their heterogeneity on the company's business performance.At the same time,institutional investors have a variety of ways to influence the company's performance,one of which is achieved through the impact of research and development innovation activities,so this article will analyze it from the perspective of institutional investors and their heterogeneity.The impact on innovation performance,and observe whether innovation performance plays a role in the role of institutional investors in corporate performance.This paper mainly studies the relationship between institutional investors' overall shareholding and its heterogeneity,technological innovation performance and company performance,and tests the mediating effect of innovation performance on the influence of institutional investors' shareholding on company performance..Firstly,the article expounds the background and significance of the topic selection.Secondly,through the combing of the previous literature,the concept definition and the theoretical part are analyzed,and the relevant hypotheses are put forward on this basis.Again,this paper conducts an empirical analysis of the A-share listed companies in Shanghai and Shenzhen from 2013 to 2017.In the analysis process,it not only considers the impact of institutional investors on investment companies,but also the number of shares they hold.And the term is divided into two types: stable and transactional.It studies the different effects of institutional investors of different natures on company performance.In addition,this paper introduces the role of institutional investors in the results of corporate innovation activities.The indicator of corporate innovation performance,and explain the mechanism of institutional investors' impact on company performance.Finally,the following three conclusions were obtained:(1)The company's performance is significantly positively correlated with the institutional investor's shareholding ratio,and this positive effect is more obvious in stable institutional investors than in transactional institutional investors;(2)institutions The more investors hold stocks,the more they can improve the company's innovation performance level.This is also the case that stable institutional investors are more prominent than transactional institutional investors;(3)technological innovation performance in institutional investors It has played a part in mediating with corporate performance.This mediating effect is more significant for stable institutional investors in improving corporate performance.In summary,this paper believes that the government should provide a good policy environment for the development of institutional investors and guide its benign development;institutional investors should strengthen their self-discipline,change from transactional to stable,and actively participate in corporate governance and innovative R&D activities.A community of destiny that shares interests and risks shared by enterprises;listed companies should actively face the supervision of institutional investors,and increase the emphasis and investment in innovation activities to enhance the overall competitiveness of enterprises.