Research On The Impact Of Heterogeneous Institutional Investors On Enterprise Performance Based On Enterprise Growth

Institutional investors are an important part of capital holders in the capital market.The growth and performance are the focus of performance's attention.Taking growth as a way to connect investment institutions and enterprises has practical significance for investors to study how different institutional investors influence the performance by influencing the growth.This paper chooses the data of GEM listed before 2014 as the sample data to research the relationship between heterogeneous institutional investors and enterprises performance in view of enterprise growth,which is great significance to regulate institutional investors and promote the growth and performance of GEM listed enterprises.The paper first retrieves and collates the domestic and foreign research literature on institutional investors,growth and performance,summarizes the research results and limitations,defines the concepts of heterogeneous institutional investors,growth and performance,elaborates the theoretical basis.Secondly,this paper makes theoretical analysis on the relationship among heterogeneous institutional investors,enterprise growth and enterprise performance,puts forward research assumptions,selects data and defines variables,and constructs factor analysis model and multiple regression model.Thirdly,we use multiple regression to verify the impact of heterogeneous institutional investors,growth and performance,and to verify the mediating effect of growth in the relationship between heterogeneous institutional investors and corporate performance.The results show that both institutional investors and risk-preferential institutional investors are conductive to improving the growth and performance of enterprises,and the growth's intermediary effect is significant.Risk-averse institutional investors is not conductive to improving the growth and the performance,and growth's intermediary effect is significant.Finally,according to the results,the paper puts forward some countermeasures to regulate institutional investors and improve enterprises performance.