An Empirical Study On The Impact Of Heterogeneous Institutional Investors On Earnings Persistence

With the rapid development of economy,the institutional investors are becoming moreand more important in the capital market.Playing the important role in improving the company's structure,institutional investors are superior to the individual investors in size,information technical and personnel which the individual investors don't have,so the hitch hike problemfaced by in corporate governance can be solved;the corporate's value can be promoted.Butthe more different the institutional investors are the more different their influences will be.,This paper used many methods,like quantitative and qualitative methods,studied the influences of “pressure-insensitive” institutional investors,“pressure-sensitive” institutional investors and their parts on the corporate performance persistence.Firstly,the paper analyses the role and way of institutional investors' shareholding in corporate governance on the basis of Efficient Monitoring Hypothesis ?Conflict of Interest Hypothesis and Strategic Alliance Hypothesis,then brings forward the research design and uses the empirical data of manufacturing companies from 2009-2015 to text the assumptions.At last provides some suggestions for the manufacturing industry in order to continuous development.This article main research conclusion is: Compared to “pressure-sensitive” institutional investors,“pressure-insensitive” institutional investors have significant positive effects on the earnings persistence.While the “pressure-sensitive” institutional investors have no impact on the corporate's earnings persistence.