Impact Of Institutinonal Investors Holding Small Plates Listed On The Company’s Performance

With the acceleration of world economic integration and financial liberalization, the rapid development of institutional investors in the world, has become the leading force in the stock market, the impact on the company’s performance is also growing, but also caused a lot of research highly concerned about those. Combined with our current system and the status of the stock market, research the impact of institutional investors on the small board listed companies, help to deepen understanding of the institutional investors, regulators and small plates listed companies, deepen research related fields; help to protect the investment stakeholders, slowing the contradiction between listed companies and outside investors, and to improve the ownership structure of listed companies; help institutional investors to participate in the management of small plates listed companies, promote the upgrading of the performance of listed companies; help regulate long-term development of China’s stock market.Since economic growth for many years and continues to increase household disposable income, China’s institutional investors have achieved remarkable leaps and bounds, becoming the mainstay of the market, types are continuously enriched, turnover tends to be more active on the stock market specification development has played an important role. At the same time, China’s small board listed company earnings grow steadily, accelerating the transformation and upgrading. By the end of 2014, a total of 732 SME board listed company’s total issued share capital of 347.059 billion shares, total market capitalization of listed companies more than 5 trillion yuan, nearly half of the market value of Shenzhen; the annual cumulative turnover of 15.216656 trillion yuan, representing an increase of 51.83 in early % annual cumulative amount of 169.932 billion yuan equity financing, grew 216.67 percent compared with the beginning. Small plates attract a large number of institutional investors and investment concern, but the literature on institutional investors, small plates can promote the performance of listed companies less, still need to be more effective inspection.Based on institutional investors affect performance of listed companies related to literature and basic theory, analysis of institutional investors and small plates listed companies the status quo at home and abroad, to 2006 to 2013 for the study period, screened 2011 listed 424 small plates listed company data, through the establishment of the panel data model, empirical analysis effect six institutional investors holding small plates listed separately on the company’s performance, the following conclusions:(1) institutional investors holding small plates listed companies significantly better; Ratio(2) Institutional Ownership and small plates listed companies a significant positive correlation; significantly different impact on the performance(3) different types of institutional ownership of small plates listed companies, securities investment funds and QFII holdings the performance of listed companies on the small plates was a significant positive correlation, and brokerage firms, insurance companies, pension funds and trusts no effect on small plates listed companies;(4) QFII impact on small plates listed on the maximum performance of the company;(5) institutional investors Ownership enhance the investment value of listed small plates. Finally, the paper recommended that national regulators should promote information disclosure system, further adjust the structure of institutional investors; small board of listed companies should optimize its equity structure, to encourage institutional investors to participate in management and supervision; institutional investors should improve their governance, pay attention to risk control.