Empirical Research Of The Impact Of Institutional Investor’s Sentiment On Internal Control Of Listed Companies

After10years of institutional investors in China’s development has become the most important investment securities market forces affecting the securities market is also growing. Because most of the enterprise crisis is caused by the internal control deficiencies caused, the enterprise internal control is very important, therefore the appropriate internal control, should help enterprises to achieve effective management. In August9,2011," Deeb, Chinese listed companies internal control index" conference held in Beijing," Deeb, Chinese listed companies internal control index" to regulatory authorities, companies, investors and the public understanding of the internal control of the listed company level and risk control capability to provide intuitive quantitative basis.Based on the listed companies in China institutional investors type theory and Empirical Analysis on two aspects to discuss the internal control of the company’s influence, the article draws lessons from foreign scholars classification method, in the concrete analysis of the institutional investors in China several main types of investment behavior based on, Think that pressure resistance type, long-term investment institutional investors (securities investment fund, the social security fund, QFII) will be on the internal control of the listed companies have a positive effect, negative institutional investors (brokerage, trust companies, finance companies, banks, insurance, enterprise annuity) on the internal control of the listed companies have a negative impact, but because of this kind of institutional investors, investment motivation is more complex, may also the internal control of the listed company has no notable influence. In theory, this paper analyzes our country to be listed the development of institutional investors status, different types, basic characteristics; followed by the analysis of listed company internal control system and the existing problems of the internal control system; finally discusses different types of institutional investors on the impact of internal control and its improvement measures. Empirical study, based on2009four year1754Shenzhen A shares institutional investors shareholdings in listed companies as the research samples, empirical test of the different types of institutional investors on the impact of internal control. Finally, combined with the results of empirical analysis and puts forward the corresponding countermeasures and prospects further research.