An Empirical Study Of The Heterogeneity Of Institutional Investors And Investment Efficiency

Along with our country the development of the stock market, institutional investors,shareholders of the listed company 's impact is also growing, the domestic and foreignscholars have proved the feasibility of institutional investors participating in the corporategovernance, but on institutional investors heterogeneity on enterprise investment efficiencyresearch is relatively small, but our country non-efficiency investment of listed companies arevery serious problems, which directly affect the value maximization goal. Therefore, researchon institutional investors heterogeneity on the efficiency of investment effects of thedifference on the level of corporate governance and enhance the value of good practicalsignificance.Through literature analysis and EVIEWS statistical analysis method to the study ofinstitutional investors heterogeneity on corporate investment efficiency influence, mainlyfrom qualitative with ration two levels. From the qualitative point of view, respectively, onthe securities investment fund and social security fund, domestic institutional investors andforeign institutional investors two difference on efficiency of investment; from a quantitativeperspective, studies the proportion of institutional investor shareholding, shareholdingchanges rate differences to the company investment efficiency. The Richardson model ofinvestment expectation measure of investment efficiency, and model residuals indicated twonon efficiency situation, if the error is greater than zero, said excessive investment, if theerror is less than zero, that investment is inadequate, with absolute error measure andinvestment efficiency as the explained variable, to institutional investors, the main differencesource of funds, stock holding ratio difference, difference changes in ownership ratedifferences as explanatory variables in multiple linear regression model, the use of statisticalsoftware for descriptive statistics and Spearman correlation analysis, finally with non normalinvestment efficiency method to measure the efficiency of investment for stability test. Theempirical results demonstrate the securities investment fund to promote the enterprises toimprove the efficiency of investment, the social security fund investment in enterpriseefficiency has the negative effect that the social security fund, a securities fund are moresusceptible to political intervention led to make its contrary to improve the efficiency ofinvestment decision, which led to the company investment efficiency. In addition, theempirical results show that the proportion of institutional ownership over the critical value,the company 's investment efficiency as its shareholding ratio increases, suggests thatinstitutional investors with the proportion of share increases ceaselessly, its behavior strategyfrom negativism to activism transformation, and actively participate in corporate governance and make the investment efficiency increasing.Based on the results of empirical research, the article puts forward our country throughthe capital market, laws and regulations, institutional investor and listed company, andconstantly improve the institutional investors on corporate governance of the positive role,mainly consists of five points: first, and constantly improve the market system and the relatedlaws and regulations, strengthen the institutional investor benefit protection; second, continueto advance state-owned shares reduction; third, improve the overall level of institutionalinvestor shareholding; fourth, promote institutional investors to strengthen internalmanagement system reform to adapt to market demand; fifth, institutional investor exchangerate limit.