An Empirical Study On Relationship Between Institutional Investors' Stockholding And Population Characteristic Of Top Management Team

With the development of institutional investors, capital market in western developed countries has raised a wave of institutional investor activism. Institutional investors have effectively promoted the change and improvement of corporate governance through positive actions. Top management team (TMT) is at the core of corporate governance system, TMT evaluation is the final receptor of the corporate governance evaluation series. As TMT population characteristics always effect companies'strategic choices, and then effect organizational performance, TMT population characteristics studies have become the source of the problems of TMT governance. Now, there are few articles that summarize the relationship between institutional investors'participation in corporate governance and TMT population characteristics. From the perspective of TMT governance, with achievement on the two study points mentioned above, we have done a systemic analysis of the relationship between institutional investors'share (IIS) and TMT population characteristics.Firstly, this paper compared different institutional investors'participation in corporate governance and TMT population characteristic theories and methods so as to make preparations for further research.Secondly, this paper analyzed the mechanism and built a model of which TMT population characteristic influences IIS. Based on above theoretical analysis, we established the research assumptions.In the empirical research, this paper mainly used EXCEL and SPSS13.0 for statistical analysis and drawed up a series of conclusions from descriptive statistical analysis, correlation analysis and regression analysis. The empirical study showed that institutional investors were willing to hold corporation shares with lower TMT average age and higher average level of education. TMT average tenure and professional background heterogeneity had a significant impact on IIS. TMT age heterogeneity, education level heterogeneity and tenure heterogeneity had unknown affections.Finally, the empirical results were analyzed; some innovations and weaknesses about this paper had been explained; future research directions were prospected.