Research On The Relationship Between Different Types Of Institutional Investors And Corporate Performance

With the continuous development and improvement of china’s securities mark, institutional investors gradually replace the position of individual investors in the capital market, becoming the mainstay of our country’s capital market.Institutional investors is re-placing investment by decentralization, which not only changed the ownership structure of listed companies, but also changed the traditional corporate governance obviously.Institutional investors with increasing shares of listed companies increase its selling cost when they sell these shares frequently, it forced Institutional investors began to take the initiative to abandon the " vote with their feet " thinking, try to " hand vote”, and participate in corporate governance actively to concerns long-term business value. Institutional investors have many advantages such as funds, personnel, information channels. and secondly, institutional investors as a third party between controlling shareholders and individual investors,is possible to overcome" free rider" behavior, which individual investors have on corporate governance issues, finally to improve corporate governance.This paper reviews the relevant scholars research,on the basis,this paper discusses the correlation institutional institutional investor shareholding, the corporate governance and the corporate performance.I think institutional investors can improve the company performance by participating in corporate governance,This paper takes all listed companies which in Shanghai and Shenzhen only issued A shares and stakes are greater than zero as the study sample, the different institutional investors have different influence on corporate governance, I chose six different variables, the overall holdings of institutional investors and securities investment funds, QFII, insurance companies, securities companies, social security funds, trust investors, study the influence on corporate performance of the current and lag issue of overall institutional investor shareholding and six different types institutional investors. Meanwhile,in order to distinguish“value creation” or "value discovery", I compare.on current data and index lagged.By studying I get the following conclusions:the data of current and lag overall institutional investor shareholding have a positive impact on corporate performance. Securities investment funds, QFII, social security funds, have positive impact on company performance, securities companies, insurance companies, trust companies, have a negative impact on improving corporate performance. This confirms my previous assumptions:Different institutional investors due to investment philosophy, different sources of funding have different effects influence on the listed companies.We found securities investment funds has a very strong capacity not only in the aspect of " value choice ", but in the aspect of " value creation ". Securities companies, social security funds, insurance companies, QFII have a very strong capacity in" value choice ",but insufficient in the aspect of the " value creation ", and rust companies are both weak in "value choice and "value creation".