| In our country, Institutional investors include securities investment funds, insurance funds, the national social fund and QFII(qualified foreign institutional investors),etc. Securities investment fund (hereafter refered to as fund) is accounted for the largest part of the institutional investors. Fund gathered large amounts of money from the general investors to engage in professional management and business.Investors complete the investment behavior by purchasing a fund share,and thus bear the fund investment returns and risk of investment.For all kinds of fund investors, the conclusion of this article will help fund company to adjust their investment policy according to the relationship between corporate governance and fund investment. For listed companies, the research of relationship between fund investment and corporate governance will help the company to improve its governance structure,to improve ownership structure and performance which has important significance. Based on the listed companies invested by fund in our country as the research object, the article use the method combining the theoretical analysis and empirical study. In a combination of domestic and foreign related literature about institutional investors participating in corporate governance, we summarized the basic theory and concept of fund participating in corporate governance. We research the influence of fund participating in company governance and solve agency problem from two aspects of shareholding and equity balance degree.The article is divided into seven parts.The first part is the introduction,which introduce the research background,theoretical significance and practical significance,research framework and methods of this article.The second part is the literature review,the ownership and the corporate governance of institutional investors at home and abroad research literature.We summarized and classified this achievement and reviewed them. The third part is the basic theories of corporate governance and agency problem statement,first for defining the relevant concepts, and then expounds the basic theory of institutional investors and corporate governance to lay the theoretical foundation for the following empirical study.The fourth part is the research design of this article according to the theory part stated above. We analysis the theoretical motivation that funds influence corporate governance,which lay the theoretical foundation,and then put forward the research hypothesis in this paper, and based on the hypothesis of this article for each of the variables to choose the appropriate agency, and build the model.The fifth part is the empirical test of the relationship between the governance of listed company and fund investment. For each hypothesis model we carry out the descriptive statistical analysis and correlation analysis, and implement multivariate linear regression analysis to verify the fund shares and the relationship between the corporate governance and fund investment.The sixth is research conclusions and related recommendations and we summarized the research results and conclusions of this paper., then put forward relevant policy suggestions accordingly, and expound the contribution and limitations in this paper.In this paper, the main contribution is the following two points:first,we put forward a comprehensive research.we take a comprehensive research of fund shares and the first and the second agency problem in corporate governance as well as the relevant relationship with corporate performance,but previous research on fund shares are limited in a certain range. The second is that we adopted index G as a proxy for corporate governance variables, rather than a single variable index. The empirical result show that the fund can really improve the level of corporate governance. The conclusion of this paper is proved to be true and this paper also suggest that G index is an index that can be applied to empirical research. |
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