| In the report of the 19th National Congress of the Communist Party of China,General Secretary Xi Jinping pointed out that my country’s economy has shifted from a stage of high-speed growth to a stage of high-quality development,and put forward higher requirements for the operation and development of listed companies.The high-quality development of enterprises will become the strategic development direction of the country’s economic development in the future.With the frequent occurrence of "fund fever" and corporate targeted recruitment,institutional investors are increasingly entering people’s field of vision.Institutional investors are playing an increasingly important role in the capital market by virtue of their outstanding talent advantage,huge capital scale and high governance level.Then,whether institutional investors’ shareholding and different types of institutional investors will affect the high-quality development of listed companies,and what will be the specific impact path and mechanism,these have not been studied by many scholars.Therefore,this paper aims to explore the impact of institutional investor heterogeneity on the high-quality development of listed companies and the role of corporate ESG performance in it.On the basis of fully researching and reading relevant literature at home and abroad,this paper clarifies the concepts of institutional investors and their heterogeneity,corporate ESG performance,corporate life cycle and high-quality development of listed companies,expounds the overall theoretical basis of this paper,and summarizes research focus.Firstly,the impact of institutional investors’ shareholding on the high-quality development of listed companies is studied,and then they are divided into stable institutional investors and transaction-oriented institutional investors,and the impact of two different types of institutional investors on the high-quality development of listed companies is discussed..Afterwards,an analysis of corporate heterogeneity is conducted to explore the impact of stable institutional investors on the high-quality development of listed companies when companies are in different life cycles and property rights.Through the mediation effect test model,this paper explores whether corporate ESG performance plays a partial mediating role in the high-quality development of institutional investors and listed companies.Finally,the robustness of the conclusion is enhanced by methods such as substitution variables and instrumental variables.This paper takes 25,747 data of 3,267 A-share listed companies in my country’s Shanghai and Shenzhen stock exchanges from 2004 to 2020 as samples,and uses multiple regression analysis and mediation effect test models to study the overall article.The specific empirical research results show that:(1)There is a significant positive correlation between institutional investor shareholding and the high-quality development of listed companies.(2)Relative to transactional institutional investors,the positive impact of stable institutional investors on the high-quality development of listed companies is more significant.(3)Compared with the enterprises still in the growth stage,the positive impact of the shareholding of stable institutional investors on the high-quality development of listed companies is more significant in the mature and declining companies.(4)Compared with private enterprises,the positive impact of stable institutional investor shareholding on the high-quality development of listed companies is more significant in state-owned enterprises.(5)ESG performance plays a partial intermediary role in the relationship between institutional investors and the high-quality development of listed companies.Based on these studies,this paper puts forward appropriate suggestions for enterprises,relevant government financial regulatory departments and institutional investors themselves,and provides suggestions on how institutional investors can better enter into corporate governance,improve business performance,and promote the high-quality development of listed companies in reality.Research perspectives and suggested references. |
