Research Of The Influence Of Institutional Investors Holding On Information Technology Listed Companies Performance

In recent years,the institutional investors have a rapid development with the support of relevant legal policies in our country,showing a diversified development trend.Institutional investors as an important investment subject,it owing the right to speak gradually increase in listed companies,already have the ability to affect the performance.The information technology industry as a new industry,not only occupy the dominant position in economic development in our country,but also can promote the adjustment of industrial structure.The technology innovation is the core in information technology listed companies,and information technology listed companies has a good economic benefit,favored by institutional investors.Therefore,study the participation of institutional investors whether can promote the development of information technology listed companies has a very important significance.This paper bases on the related research of institutional investors influence the companies performance,and starts from the related concepts of institutional investors,institutional investors heterogeneity and corporate performance and basic theories,and statistics on the holdings of institutional investors in the information technology industry,found its development trend is good,have the ability to participate in corporate governance.And then analyzes the motivations and ways that affect the corporate performance,laying a theoretical foundation for the empirical.The empirical part,the data from the information technology listed companies in Shanghai and Shenzhen A-share,the financial data from 2013 to 2015 and the institutional investors' shareholding data from 2012 to 2014,with total assets of net interest rate,ebit margin,earnings per share measure of corporate performance,using multiple regression analysis of institutional investors holding effect on information technology company performance.The results showing that there is a significant positive correlation between institutional investors' shareholding ratio,ownership balance degree and information technology listed companies' performance,that is,institutional investors' holdings have a significant effect to performance.Pressure-resisting institutional investors havean obvious improvement to performance,and pressure-sensitive institutional investors have a negative impact to performance.Through further study found that under the nature of different enterprises,only the pressure-sensitive institutional investors have different performance,have a negative effect to state-owned enterprise performance.At the end of this paper,in order to make the institutional investors play a positive effect in the information technology listed companies,improve the level of information technology listed companies,according to the empirical results targeted put forward some related suggestions,for example promote institutional investors pluralistic balanced development,speed up the reform of state-owned enterprises into stock companies in the information technology listed companies and establish institutional investors information disclosure system.