Research On The Impact Of Heterogeneous Institutional Investors Shareholding On Corporate Financing Constraints

Financing constraints,the key factors affecting the long-term development of enterprises,has been one of the hot issues in the field of financial research.It has been proved that institutional investors play an important role in alleviating the problem of financing constraints.In this paper,institutional investors are divided into pressure resistant institutional investors and pressure sensitive institutional investors,according to the relationship between institutional investors and the shareholding company's business.The effect of the heterogeneity of institutional investors under the different nature of property rights on the financing constraints of listed companies in China is discussed in this paper.Firstly,the status of China's institutional investors and the listed company's financing structure and financing constraints are analyzed,and then starting the statistical analysis of the proportion of institutional investors and the proportion of debt financing of listed companies.Then,it is found that the scale of institutional investors in China is increasing rapidly,and that listed companies tend to equity financing and short-term debt financing by analyzing the proportion of institutional investors and the proportion of liabilities of listed companies in China.In addition,the mechanism of the influence of institutional investors on financing constraints is analyzed,which provided theoretical guidance for the part of the empirical research.Finally,6415 sample from 2013-2015 Shanghai and Shenzhen A shares of listed companies are selected for regression analysis,where there are 3814 data of non-state-owned enterprises and 2601 data of state-owned enterprises.The results show that:(1)China's listed companies are generally faced with the problem of financing constraints,in which the problems of no-state-owned listed companies are more serious than those of state-owned listed companies.(2)In non-state-owned listed companies,the pressure resistant institutional investors could effectively alleviate the financing constraints of listed companies,while the pressure sensitive institutional investors had litter effect on the financing constraints of listed companies' ownership.(3)In the state-owned listed companies,pressure resistance and pressure sensitive institutional investors have little or no effect on alleviating the financing constraints of listed companies.(4)In the non-state-owned listed companies,the overall institutional,pressure resistance and pressure sensitive institutional investors could increase the proportion of long-term debt financing.Finally,according to the nature of the institutional investors of listed companies in China and empirical results presented,it finally comes to the conclusion that,it is necessary to develop institutional investors,especially the pressure resistant institutional investors,but also to cultivate diversified institutional investors,to promote the development and expansion of enterprise annuity,private equity funds and other institutional investors to participate in governance.Besides,a smooth participate of institutional investors should be guaranteed in governance.It should be strengthened in communication and cooperation between the institutional investors and the security management to ensure institutional investors to participate effectively in the corporate finance governance.It is favorable to vigorously promote the mixed ownership economy in state capital zoom function,increasing the value and enhancing competitive force.