Heterogeneity Of Institutional Investor,Tax Avoidance And Investment Efficiency

As early as the late eighteenth Century and early nineteenth Century,institutional investors appeared in the western capital market,and became an important force in the capital market along with the development of capital market.Institutional investors in our country start late,since 1990 s has experienced rapid development.Since the CSRC proposed the ultra normal development of institutional investors in 2000,institutional investors in China is more like the bamboo shoots after a spring rain like blossom everywhere.The number of agencies and asset scale rapid growth.In retrospect of the major events in China's capital market in recent years,the figure of institutional investors can be seen everywhere.Whether it is ‘Wanbao Dispute' or ‘GREE equity dispute',their behavior caused by the parties concerned.The management of the company for the intention of menacing institutional investors do not understand,in order to protect the interests of the company or only for the maintenance of their own interests,they or in combination with other enterprises,or use public opinion to play the emotional card,in an attempt to make the "barbarians" shut out;the company employees facing the existing enterprise management for uncertainty.Their development is also heavy-hearted;ordinary investors do not know their so-called "blue chip","market share" will decide on what path to follow will pay close attention to the regulatory authorities;the parties in an attempt to maintain dynamic capital market stability by means of law,supervision commission has become the primary task,second is third.The behavior and motivation of institutional investors have attracted more and more attention.So,when they are buying shares,what is the goal? How do they play a role in the governance of the Target Corp? This article tries to answer this question from a new perspective.In this paper,we first review the related literatures on investment efficiency,institutional investors,corporate tax avoidance and their relationship between the three.Then,from the perspective of institutional change,the development process of institutional investors in China and the evolution of enterprise income tax are combed,and the motivation of institutional investors to participate in corporate governance and tax avoidance is analyzed.Then,based on the existing research,the hypothesis of this paper is put forward.In order to verify the hypothesis,this paper selects the data of all listed companies of A shares for 2011-2016 years,and uses descriptive statistical analysis,correlation analysis and multiple retrospective analysis to analyze the relationship between institutional investors' shareholding,enterprise investment efficiency and enterprise tax avoidance three.Finally,it is found that there is a positive correlation between the level of institutional investors' shareholding and the efficiency of enterprise investment in China;the degree of tax avoidance has a negative correlation with the efficiency of enterprise investment,although institutional investors' shareholding can weaken the negative correlation between the degree of tax avoidance activities and the efficiency of enterprise investment,but the effect is not significant.Therefore,it is concluded that institutional investors are involved in corporate governance to some extent in our country.Finally,based on the findings and conclusions,policy recommendations are put forward from three perspectives: market,regulation and company itself.