Research On The Impact Of Institutional Investors’ Characteristic Shareholding On The Performance Of Listed Biomass Energy Enterprises

Among many renewable energy sources,biomass energy can release a lot of heat energy during pyrolysis,and the emission of pollution gas is low,which is undoubtedly a good choice for countries to solve the problem of fossil energy depletion and environmental pollution.Since entering the 21st century,although China has increased the incentive policies for the use of biomass energy,compared with the United States,Japan and other countries with relatively mature biomass energy development,China’s biomass energy enterprises have relatively a small scale but high cost.How to promote the healthy and rapid development of the industry through improving the performance of biomass energy enterprises has become the key.In biomass energy enterprises,whether institutional investors will really have an effect on the investment efficiency of enterprises,and then affect the performance of enterprises;whether institutional investors will have different degrees of participation in biomass energy enterprises due to their own needs,preferences,characteristics,investment period,scale,etc.,thus affecting the performance of enterprises,these issues are aimed at biomass energy For the subject of enterprise,by now,there is still no specific research and discussion.Based on the research status at home and abroad,with the principal-agent theory and stakeholder theory as the theoretical guidance,and from the perspective of whether institutional investors are independent or not,after processing the panel data of 45 listed biomass energy enterprises in 2011-2017,this paper mainly adopts the method of multiple linear stepwise regression,and uses the coefficient of the regression equation and the size of P value to determine each evaluation The results demonstrate the next points:(1)the overall shareholding of institutional investors is positively related to the performance of biomass energy enterprises;further subdivision from the perspective of independence,the impact of different types of institutional investors and the performance of biomass energy enterprises is different;(2)the investment efficiency is taken as the medium The results show that it positively promotes the impact of non independent institutional investors on corporate performance,but does not play an intermediary role in the relationship between independent institutional investors and corporate performance;(3)environmental dynamics as a moderating variable plays a significant negative moderating role in the relationship between investment efficiency and corporate performance.Through the in-depth discussion of the relationship between institutional investors’ characteristic shareholding and corporate performance in biomass energy enterprises,the black box of the relationship between them is further revealed.According to the results of empirical research,this paper puts forward relevant countermeasures and suggestions from four aspects:optimizing the shareholding ratio of different types of institutional investors,strengthening the supervision of institutional investors on the investment behavior of the invested enterprises,paying attention to the dynamic environment,and strengthening the government’s policy support and market operation.By studying the impact of different types of institutional investors’ Shareholding on the performance of biomass energy enterprises,this paper not only enriches the existing theories and literature under the industrial background,but also provides a theoretical basis for establishing a more effective,rational and suitable corporate governance system for the biomass energy industry.At the same time,it puts forward to internalize institutional investors and optimize the economic proportion of different types of institutional investors in biomass energy enterprises,which provides a reference value for accelerating the high-quality and healthy development of biomass energy enterprises.