Institutional Investors' Owning Stocks, Directors' Independence And Companies' Performance

In the past thirty years,the institutional investors have developed dramatically and become one of the most important forces on the major capital markets worldwide, especially the US and UK markets.Meanwhile,the institutional investors are playing an increasingly important role in the corporate governance.In China,although the institutional investors start late,they develop quickly in recent years.With a large number of and more diversified institutional investors emerging in china,how to leverage they monitoring to improve the governance of Chinese companies is a topic that may be meaningful to the future practice.The dissertation aims at the listed companies which institutional investors hold in China, and makes a study of the influence that they make on the directors independence and achievements of the listed companies.The main contents are as follows:In first chapter,I mainly elaborate the background and the significance of the selected topic and comb the research situation on the institutional investors and corporate governance which is made by the domestic and foreign scholars and can instruct and advance my research.In second chapter,I describe the theories about the company governs,which include Principal-agent theory and the corporate governance system.In this thesis,the corporate governance is divided into two types which are internal governance and external governance.In the third chapter,I mainly elaborate the influence that institutional investors make on the directors' independence and achievements of the listed companies from the theoretical side.Meanwhile I study the development situation of institutional investors in China.Chapter five analyzes the influences of listed companies' achievement and directors' independence because of the institutional investors' participation.The study finds out that the share of institutional investors is obvious positive relativity with achievement and directors' independence of listed companies.All can be used to prove institutional investors' influences on the achievement of listed companies.The last Chapter draws a conclusion and gives suggestions for the institutional investors' participation the corporate governance positively.