The Research Of The Influence On Performance Of Listed Companies In Our Country By Institutional Investors’ Shareholding

The study of institutional investors began booming abroad in the1990s，affirming the role ofinstitutional investors， China put forward the strategy of "extraordinary development ofinstitutional investors" in2001．In the past decade，institutional investors in our country havedeveloped continuously in size and strength，and have replaced the medium and small investors asthe main body in capital market．The more share proportion the institutional investors hold inlisted companies，the deeper influence will be on them．But whether they can truly play a role intarget companies，and whether they can affect the performance of listed companies and their returnon investment by participating in corporate governance actively or not？And how does thiseffect？It has been a controversial issue at home and abroad in recent years．In this paper，in orderto draw my own conclusions，I have studied the impact on the performance of listed companies inour country by institutional investors through standardize research and empirical research methoddeeply and systematically．At first，I elaborated the research background and generalized the literatures on the influenceof listed companies’ performance by institutional investors at home and abroad in this paper，onthe basis of this，I put forward the train of thought and method in this paper．Then I introduced therelated concepts and theory，summarized the definition，the characteristics，and the main types ofinstitutional investors，and the concept，the influence factors，the evaluation method and indexsystem of corporate performance，elaborated the three theories which would be used in this article:the efficient market theory，principal-agent theory and the theory of shareholder activism．Then Idescribed the development course and present situation of China’s institutional investors，andqualitatively analyzed how the institutional investors make influence on the corporate governanceand performance of listed companies in our country．Then，I selected the industrial companieswhich have annual financial data of three years from2009to2011and institutional investors’shareholding level of three years from2008to2010and which were listed in the Shanghai StockExchange and the Shenzhen Stock Exchange as research samples，and used the institutionalinvestors’ shareholding proportion and counterbalance degree to reflect the level of institutionalinvestors ownership，and took Tobin Q value and earnings per share index to reflect the corporateperformance．Then I used the multivariate regression model to carry on the empirical analysis of impact on performance of listed companies of our country by the institutional investors．Theresearch results showed that there is a significant positive correlation between the institutionalinvestors’ shareholding proportion and counterbalance degree of the lag period and the corporateperformance indicators at the10%confidence level at least，it declared that the impact onperformance of listed companies of our country by the institutional investors’ shareholding isactively，the institutional investors can indeed improve the performance and obtain their ownlong-time， sustainable benefits through holding shares of listed companies and activelyparticipating in corporate governance．Then I put forward the relevant countermeasures andsuggestions from the point of the relevant department of laws and regulations，the management oflisted companies and the institutional investors own．At last，I obtained the conclusions of the fullresearch text．...