| As demographic dividend,dividend cuts resources,China's economic growth at high speed growth is slowing,after more than 30 years is characterized by elements,investment drive the traditional extensive economic growth model is unsustainable,in the era of the big background,the report clearly put forward that the party's 19 th to enhance our economic competitiveness,we must stick to efficiency priority,gripper with supply side structural reform,promote economic development quality and efficiency,power transformation,improve the total factor productivity.Therefore,it is of great academic and practical significance to study the ways and mechanisms of improving TFP.As an important force driving the high-quality development of China's economy,enterprises can influence the total factor productivity by innovating research and development,perfecting corporate governance mechanism,perfecting financing channels and other ways.With the gradual development and maturity of the capital market,the trend of institutionalization of stock investment in various countries is more and more obvious.Institutional investors with information and professional advantages are considered to play a role in guiding value investment and optimizing corporate governance.In the securities market,specialized institutional investors gradually replace individual investors and become the main body of the securities trading market.At the beginning of the 21 st century,in order to further popularize value investment idea of developing and promoting institutional investors,China has put forward a great creative strategy,cultivating and developing institutional investors in both government and market,driven by institutional investors,presents the diversification and standardization development momentum,become the important means of corporate governance,the effective governance mechanism in capital markets were also hit by the people's recognition and praise highly.At the same time,the enterprise management and a large number of scholars have not only use short-term corporate performance to measure the management benefit of enterprise,but the index of enterprise total factor productivity is used to measure the comprehensive productivity of enterprises and sustainable development,the company governance mechanism of the targeted performance more directly and effectively enough role in enterprise total factor productivity,more companies are no longer the original profit as the only evaluation standard single mode of profit and loss,improve the corporate governance mechanism,etc to begin to pay close attention to by in order to improve the enterprise totalfactor productivity,realize the high efficiency development,However,exploring the influence mechanism of corporate governance on enterprise TFP has attracted the attention of many scholars in practice and academia.Because the governance structure of listed companies in the equity structure is not reasonable and the defects such as the failure of the board of supervisors,big shareholder "empty" and managers pursue "self-interest" has become the important factors hinder the total factor productivity,coupled with the enterprise property rights and institutional investors in the different heterogeneity,influencing factors and mechanism of the enterprise total factor productivity has a bigger uncertainty.Aiming at the status quo,in Shanghai and shenzhen two city a-share listed companies as samples based on institutional holding this Angle,makes every effort to improve the total factor productivity way beneficial expanding area of research,and starting from the static and dynamic aspects,trying to study angles under the heterogeneity of the different nature of property right of enterprise total factor productivity,the influence of the supervision system for government departments to improve the investors put forward effective Suggestions,also to the capital market of state-owned and private enterprises adopt different management methods to provide theoretical guidance.This paper from the perspective of both at home and abroad,in view of institutional investors holding and the heterogeneity of institutions and enterprises total factor productivity in detail the three aspects of research literature,and related to the paper elaborates the concept and theory,and then through the theoretical analysis to put forward the research hypothesis,using the relevant data in 2010-2017 a-share listed companies through the model building and empirical analysis from the following three aspects:(1)the empirical inspection institutions holding what connection between height and total factor productivity;(2)the impact of institutional heterogeneity on total factor productivity of enterprises;(3)in the case of different property rights,the impact of institutional heterogeneity on state-owned and private enterprises is different;(4)how the shareholding adjustment of heterogeneous shareholders affects total factor productivity at the dynamic level.The empirical results show that :(1)there is a u-shaped relationship between institutional investors' shareholding and total factor productivity;(2)pressure-sensitive investors significantly reduced TFP,while pressure-resistant investors significantly increased TFP;(3)the inhibitory effect of pressure-sensitive investors on total factor productivity is insignificant in state-owned enterprises and significant in private enterprises,while the improvement effect of pressure-resistant investors on total factor productivity isinsignificant in state-owned enterprises and significant in private enterprises.(4)both pressure-sensitive reduction and pressure-resistant increase can significantly improve total factor productivity.Finally,Suggestions are put forward for the conclusion of this paper :(1)optimize the shareholding structure of listed companies.To reduce the shareholding ratio of controlling shareholders,improve the liquidity of listed companies' stocks,and relax the restrictions on the shareholding ratio of institutional investors,so as to improve the institutional investors' ability to balance the equity;(2)diversified development of institutional investors.In order to ensure the diversified and balanced development of institutional investors,pressure resistant institutional investors are introduced,and different types of institutional investors are classified and supervised.(3)improve the supporting regulatory system for institutional investors.We should establish the internal incentive and restraint mechanism of institutional investors,improve the information disclosure system of listed companies,and improve the mutual supervision and balance mechanism between institutional investors and management. |
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