Research On The Relationship Between Institutional Investors And Dynamic Adjustment Of Capital Structure—Based On Energy Listed Companies

The energy industry is one of China's basic industries.Its development is directly related to whether China's economy can develop rapidly and sustainably.This requires China's energy enterprises to achieve enterprise survival and development,and make relevant management decisions.Enterprise financial decision-making is an important decision that determines the success or failure of an enterprise,and the determination of capital structure is an important aspect of financial decision-making.The research on the dynamic adjustment of capital structure has been carried out from the internal characteristics of the enterprise,the economic macro environment and the political system.The next research needs to find more detailed and specific influencing f-actors.As an external governance mechanism of listed companies,institutional investors have the ability to supervise management and participate in corporate governance.It is expected to have an impact on corporate capital structure decisions.This paper studies the relationship between institutional investors and capital structure dynamic adjustment of energy listed companies,and further explores the regulatory effect of property rights structure on institutional investors and capital dynamic adjustment,in order to provide reference for the development of China's energy industry.Firstly,by combing relevant literatures at home and abroad,the research ideas and research methods are determined.On this basis the related concepts and theoretical foundations are introduced.Then,the development status of China's energy listed companies is analyzed,and then through the theoretical analysis of relevant content.Research hypotheses are proposed and models are constructed based on research hypotheses.In the empirical part,taking the data of 325 A-share energy listed companies in China's Shanghai and Shenzhen stock markets as sarmples from 2013-2017,using exce12016 to sort out the data and stata15.1 to fit the target capital structure,correlation analysis and regression analysis.And carry out in-depth research and analysis on the research hypothesis,and finally prove the reliability of the research conclusion through the robustness test.The results show that:(1)The institutional investors'shareholding in China's energy listed companies is significantly positively correlated with the dynamic adjustment of capital structure,and is significantly negatively correlated with the degree of capital structure deviation.(2)The independent institutional investors of China's energy listed companies are significantly and positively related to the adjustment speed of capital structure,and the degree of deviation from the capital structure is not significant.(3)The non-independent institutional investors of China's energy listed companies are significantly negatively correlated with the speed of capital structure adjustment,and negatively correlated with the degree of capital structure deviation.(4)Compared with state-owned enterprises,institutional investors in private enterprises have a greater impact on the speed of capital structure adjustment and the degree of deviation.The results of such research also verify some of the research hypotheses,indicating that the greater the proportion of institutional investors in China's energy listed companies,the more they can promote the dynamic adjustment of the capital structure of enterprises.And this kind of promotion is more obvious in private enterprises.The impact of the heterogeneity of institutional investors in energy listed companies on the dynamic adjustment of capital structure is not obvious,which may be caused by the particularity of the energy industry.The conclusions of this paper have certain reference significance for energy listed companies to adjust governance effects and optimize capital structure,and have certain enlightenment for the improvement of China's capital market and deepening the reform of state-owned system.