Influence Of Heterogeneity Of Institutional Investors On The Debt Financing Listing Corporation

Institutional investors in corporate governance activities, supervise the listing Corporation, to improve the financing structure of enterprises, at the same time, the heterogeneity of institutional investors and restrict its regulatory role to play, in the aspects of optimization of financing structure, different types of institutional investors have different effects. This paper aims to Chinese institutional investors to participate on the basis of corporate governance, to explore the effects of different types of institutional investors in corporate debt financing to carry out empirical analysis.This paper analyzes the scholars of institutional investors to participate in corporate governance exhibit different attitudes to explore the heterogeneity of institutional investor relations and corporate debt financing, according to the study hypotheses theoretical articles, and ultimately concluded that: the institutional investors can enhance the enterprise’s ability of debt financing, but considering the liquidity risk of debt, will also reduce the flow of corporate debt financing. Securities investment fund as the main part of institutional investors, are positively related to the level of long-term debt of its ownership and enterprise, and enterprise related to short-term debt levels negatively. When considering the heterogeneity among institutional investors, pressure resistant institutional investors and asset liability ratio is positively correlated with the ratio of current liabilities, was significantly negatively correlated. That proportion of institutional investors holding pressure against the higher level, while long-term liabilities, the more high, short-term debt level is lower; and the pressure-sensitive institutional investors will not be like the pressure resistant institutional investors on corporate financing decisions that impact. All samples are divided resist institutional dominance and pressure sensitive mechanism is dominant conditions, the relationship between the overall holding of institutional investors and corporate debt levels significantly, while the dominant in the pressure sensitive institutional conditions, the overall holdings of institutional investors is not shown on the governance on the financing decisions, had no significant effect on the level of debt.The results of the study show that: the institutional investors in China to a certain extent involved in corporate governance, participation in corporate financing decision, moreover, different types of institutional investors showed different characteristics in the financing management, pressure resistant institutional investors have a positive motivation of participating in corporate governance, and the pressure-sensitive institutional investors show do not participate in or passive participation. Finally, the results above that, puts forward relevant suggestions and countermeasures, in order to promote the development of institutional investors in China, further more in-depth study on institutional investors.