The Study Of Relationship Between Institutional Investor And Listed Companies' Performance

Since the beginning of 1990s, the study on institutional investor behavior has flourished overseas. In our country, we affirmed the affects of institutional investor and proposed " to develop institutional investor above the common run" in 2001. This enables the research of institutional investor to become one of the hot topics in the corporate governance area. It also becomes the focus of current academic circles along with different viewpoints. In the institutional investor behavior research, the domestic and foreign scholars are focused on the theory and the real diagnosis research of capital market influence. But it is relatively lack of the systematic research from companies' point of view to study the institutional investor behavior. Therefore, based on the behavioral finance theory and agency theory, this paper studies the influence to the listed companies' performances caused by institutional investor's behavior thoroughly and systematically. Finally, it discusses the effectiveness strategy for institutional investor to improve listed companies' performances.This paper is mainly divided into 6 chapters, but can be explained by four sections as follows. Firstly, in chapter1 and chapter2, it elaborates the background and the significance of choosing this subject. By summarizing existing studies on this topic and the related theory of institutional investor, it points out the framework, the innovation and the main supposition of this paper. Secondly, it obtains institutional investor's behavior tendentiousness in our country and provides the sample information for next study by analyzing the questionnaire for the fund managers in chapter 3. Then do demonstration research using the cumulative abnormal return and the SPSS statistical method in chapter 4. Thirdly, it analyzes the system cause of the demonstration outcome and gives suggestion on improving such defects. Finally, in...