| Investment efficiency is an important part of the profit-making link of enterprises and also plays a decisive role in the development of enterprises.Therefore,domestic and foreign scholars have conducted extensive and in-depth research on the investment efficiency of enterprises.As China’s market develops late,it is not efficient on the whole,which is not conducive to economic development.With the continuous development of institutional investors,they have more professional knowledge and skills,and will play a more positive impact on the development of enterprises.Therefore,whether institutional shareholding will promote the development of enterprises deserves further study.This paper adopts normative analysis method.Firstly,it introduces the development of institutional investors and the problems they face,and summarizes the problems to be studied in the future.Then,the literature and theories related to information asymmetry,agency cost and enterprise investment efficiency are summarized,and five research hypotheses are proposed.Finally,using 10,855 samples of A-share listed companies in Shenzhen and Shanghai from 2015 to 2019,this paper studies the relationship between institutional ownership and investment efficiency and determines its action path.Descriptive analysis,correlation analysis and regression analysis were used.The influence of institutional ownership on investment efficiency is studied,and the role of information asymmetry and agency cost is determined.The results show that :(1)institutional ownership can promote the investment efficiency of enterprises,and state-owned institutions play a more obvious role.(2)The shareholding of institutional investors is negatively correlated with information asymmetry.(3)Institutional investors’ shareholding is negatively correlated with agency cost.(4)Institutional investors’ shareholding can improve the investment efficiency of enterprises by reducing the information asymmetry and agency cost of enterprises,which is embodied in reducing the opacity of enterprises’ information and the divergence of analysts’ forecasts.On one hand,this paper studies the factors that affect the investment efficiency of enterprises,on the other hand,it discusses the governance effect of institutional investors.It provides a beneficial perspective for promoting the development of institutional investors and improving the level of corporate governance,and helps enterprises improve investment efficiency.Based on the research results,this paper puts forward three policy recommendations.First,professional institutional investors should actively guide capital market investors to pursue long-term value investment.Second,enterprises actively introduce institutional investors to supervise their investment operations.Finally,relevant government departments should optimize the structure of institutional investors and improve the policies and regulations on information disclosure. |
