| “Shareholder activism” began to “grab” western academic magazines gradually since the 1970 s.But nowadays although there are still many gaps with the western mature market,institutional investors in our country are developing rapidly by virtue of professional advantages and resource preponderance.With the ceaseless enlargement of the self-management capital scale and the “upgrade and update” of the investment philosophy,it is outdated to express dissatisfaction against disappointing company's performance simply by means of selling stocks(vote with their feet).The identity of institutional investors is also changing from passive to active,from the speculators who seek short-term interests simply to the important regulators and participants for company's managements.It is beneficial to ease problems of agency,such as information asymmetry,responsibility nonidentity,incentive incompatibility etc.Based on consideration of costs and benefits,if institutional investors can participate in the corporate governance actively and exercise the supervisory authority effectively,it will bring up the improvement of corporate performance and a surge in investment income.And it can cover the cost of supervision and management of institutional investors completely.The research conclusion has been gotten by quite a little literature.Meanwhile as a member of the capital market,each company needs to grasp innovation of the booster in order to stick out from the peer competition.What's more,innovation possesses a vitally important position and role for a company.As a considerably significant part of the enterprise strategy templates,innovation strategy is affected and restricted by executives,shareholder,managements and so forth,especially by investors from “prophetic and smart capital” institutions concerning with it.Therefore this dissertation considers institutional investors probably more influential in generating,actualizing and retaining the company's innovation strategy,and then affecting company's performance through transmission.Besides,this thesis researches the Shenzhen GEM,as it's the rallying point of innovative and entrepreneurial minor companies which are mostly recent emergent industries.While the emergent industries themselves have stronger requirements and motivations to research and innovate,thus the extracted sample data and research conclusion are supposed to be more representational.The paper chooses the 2010-2014 ShenzhenGEM quoted companies as the sample and takes enterprises as an intermediary from the perspective of R&D innovation through the research paradigm of “characteristic-behavior-economic consequence”,and tries to explore the mediating role of heterogeneous R&D innovation between institutional investors and firm's performance.Based on principal-agent theory,stakeholder theory,information asymmetry theory and shareholder activism theory,this paper researches and analyzes the influence path and conductivity principle of institutional investors on enterprise heterogeneous R&D innovation and firm's performance.Institutional investors are classified as three groups: overall institutional investors,pressure-resistant institutional investors and pressure-sensitive institutional investors;the mediator of heterogeneous research and innovation as two groups: exploratory and routine;the company's performance also as two groups: short-term indicators of ROA and long-term indicators of Tobin's Q.It turns out that correlations between the firm's performance and the overall institutional ownership,pressure-resistant institutional investors are positive;as to the pressure-sensitive institutional investors,the correlation is insignificant.The overall institutional ownership and pressure-resistant institutional investors also respectively have a positive relationship with exploratory research and innovation listed company;however the relationship with routine research and innovation listed company is unapparent.The overall institutional ownership,pressure-resistant institutional investors can influence firm's performance through exploratory research and innovation which has some moderating effects on institutional investors,pressure-resistant institutional investors and company's performance.Based on the above conclusion drawn from theoretical deduction and empirical analysis,the following recommendations are proposed: To enhance the effectiveness of our capital market proactively;To grow institutional investors continuously and build the “stabilizer” of capital market and corporation governance;To fully stimulate company's enthusiasm for innovation,and improve its performance and market value;To try to broaden the path for institutional investors to take part in the supervision and corporation governance of the company.Standing on the shoulder of giants,this paper is anchored in findings of the early researchers.Tentatively from the perspective of heterogeneous research and innovation,it focuses on the relationship between institutional investors as well as company's performance,and comes into theconclusion that the general ownership of institutional investors together with pressure-resistance institutional investors affect the performance of company by exploratory research and innovation which acts as a part mediator between any two of institutional investors,pressure-resistance institutional investors and company's performance.The conclusion provides Empirical Data for institutional investors who affect the performance of company by the intermediary variable heterogeneous research and innovation,which,to some extent,enriches the document research in institutional investors,heterogeneous research and innovation and company's performance,and also has certain practical significance on how to grow institutional investors and play its due role. |
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