The Effect Of Institutional Investors Heterogeneity On Corporate Performance And Company Creativity

The rapid growth of institutional investors and its role in improving the performance of the firm,has led to a high degree of attention in the study of the impact of institutional investors on public corporations.However,there are many conflicting conclusions in the relevant studies in the academic field.This is because most scholars regard institutional investors as a whole in their research,and different types of institutional investors have different characteristics.Therefore,there will be some deviation in the research of ignoring the characteristics of institutional investors themselves.At the same time,the effect of institutional investors on the performance of listed companies is actually determined by a series of corporate governance,among which a very important one is the impact on corporate innovation.Deng xiaoping once said that "science is the first productive force",while enterprise innovation is the most effective way for enterprises to improve their market competitiveness and enhance their value.Therefore,it is necessary to take into account the influence of institutional investors on corporate performance while studying the impact of institutional investors on corporate performance.This paper mainly studied the heterogeneity of institutional investors on corporate performance and the influence of corporation innovation,the analysis of the structure is as follows:first of all,this paper briefly describes the background and significance of topics,then this article from the point of theory,this paper briefly describes the institutional investors of governance of listed companies,listed companies performance,the influence of the listed company's innovation,and further lead to research on the influence should be considered when its institutional investors heterogeneity;Again,the heterogeneity of institutional investors are analyzed,from the existing research based on institutional investors into the trust responsibility of two kinds of high and low fiduciary duty,and a preliminary estimate for different categories of institutional investors influence on company performance and innovation;Next,based on preliminary estimates,it is put forward that assuming 1:the institutional investor in general will improve the company's performance.In particular,institutional investors with high trust liability will improve corporate performance and improve corporate value.However,institutional investors with low trust responsibility have no significant influence on corporate performance or will reduce corporate performance.And hypothesis 2:institutional investors with high trust responsibility will positively influence corporate innovation,while institutional investors with low trust responsibility will not affect corporate innovation.Subsequently,through empirical analysis of the hypothesis,this paper concludes as follows:in general,institutional investors have a significant improvement effect on corporate performance.Specifically,except QFII,companies with high trust responsibility have a positive impact on corporate performance and corporate innovation,while companies with low trust responsibility have no impact on corporate performance and corporate innovation.Finally,based on the above theoretical analysis and empirical research conclusions,policy Suggestions are proposed for the supervision of heterogeneous institutional investors.In conclusion,this article hopes to heterogeneous institutional investors in China impact on company performance and innovation to do synchronization research,find out the different institutional investors of listed companies performance and firm innovation performance by different roles,in order to enrich and perfect the institutional investors on corporate performance as well as the company's research,innovation ability and to institutional investors in our country to provide basis for the establishment of reasonable guide policy.