The Research On The Bulk-holding Of Securities Fund Characteristic And The Relationship With Corporate Performance

Security investment fund is an important instrument of promoting and accelerating security market's healthy and steady development. As well, a representation for investors is of vital importance to the consummation of listed companies'governance structure. With the development of the scale of security investment fund'shareholding day by day and the position of it in the company improves gradually, security investment fund play a more and more important role in advancing the corporate governance and promoting corporate performance. This paper emphasizes the influence that the bulk-holding of securities fund exerts on corporate performance with the analysis of the factors affecting the bulk-holding of fund at first. The paper tries to find out: What kind of factors will affect the bulk-holding of fund and how to achieve it? How the bulk-holding of fund impacts corporate performance? How to let fund participate in corporate governance more effective?At first, the paper introduces the background and literature survey of this research, clarifies the purpose, process and structure of it. Based on the above, taking the instinct relationship between stock structure and corporate governance as the logic starting point, we analyzed the corporate performance influence mechanism performed by Security investment fund's share holding. This paper presents and analyses the corporate performance influence mechanism performed by institutional investors'shareholding based on institutional investors'shareholding direct participation of the inside corporate governance and the indirect influence of outside the corporate governance, and has concluded the specific way of how institutional investors'shareholding affect corporate performance. Further more we introduce the achievement made in real example both at home and abroad.Secondly, based on the above theoretical deduction, we suppose the hypothesis of the empirical study. The paper explains how the characteristics of finance, stock attribute, corporate governance and other firm characteristics would affect security investment funds holding. The evidence from the regression of multiple and fixed effects model demonstrates that the level of funds ownership is Significantly related to ROE,ROA,price of current stock,standard deviation of stock,turnover,the shares owned by boards of independent director, the capitalization of publicly-traded shared shares,the proportion of publicly-traded shares, stock holding by managers and listing ages.Thirdly, using the fixed effects model of panel data, further research has been done to investigate the effects of the bulk-holding of securities fund on corporate performance...