Study On The Influece Of Heterogeneous Institutional Investors’ Shareholding On Corporate Performance

With the gradual improvement of the current economic development level,enterprises are facing huge market competitiveness in the increasingly complex market environment.In order to maintain its dominant position in the market,it is an inevitable choice for enterprises to strengthen their r&d and innovation capabilities.The academic circle and the whole academic circle pay close attention to the achievements made by the equity investors of financial institutions in many fields,such as the ability and scale of raising funds,enterprise management ability and data analysis,and believe that they can play a certain role in corporate governance.Various influences of financial institution investors on the actual r&d investment,including whether financial institution investors can actually affect the overall operating performance of enterprises,have become the core issues concerned by the theoretical circle.This paper conducts an in-depth analysis and research on this issue.In this paper,we divide institutional investors into two types:robust and active,and believe that heterogeneity is the key to the performance of financial institution investors.In this study,the author also analyzed the specific influence path of the governance effect of institutional investors,explored whether the r&d investment played a part in the mediating effect,and enriched the research approaches and perspectives of how institutional investors participate in the value management and value-added of enterprises.In the part of theoretical analysis,this paper sorts out the literature on the participation of institutional investors in corporate management,institutional investors and r&d investment.And expounds the theory of principal-agent theory and innovation theory,theory of institutional shareholder activism related content,for institutions to participate in corporate governance of the impetus to do the analysis,and then through the analysis of game theory method,from the perspective of the costs and benefits,in what circumstances institutional investors paid close attention to the enterprise management system,and it also introduces the main approach to the implementation of the institutional investors participating in corporate governance,and finally from the perspective of the mediation effect of r&d spending is introduced why steady institutional investors can to enterprise’s r&d spending decisions have a positive role which affects corporate performance,then on the basis of the studied in this paper,the project design.In the part of empirical data analysis,this paper selected shenzhen manufacturing and information technology services listed companies from 2009 to 2018 as the research sample,a total of 2043 data from two dimensions of time and industry,think that institutional investors mainly includes the steady and deal the two basic types,points out the two types of investors participating in corporate governance,the mode of different implementations,and verify the r&d spending on partial intermediary effect.The results show that the shareholding ratio of institutional investors is positively correlated with corporate performance,and the effect of robust participation in corporate governance is better.Research and development investment plays a mediating role in the path that robust institutional investors affect corporate performance,while positive investors have no such effect.It is suggested that the government establish a differentiated regulatory system for different types of institutional investors,that enterprises actively introduce prudent institutional investors,and that institutions improve the governance mechanism to alleviate the problem of short-sightedness.