Research On The Impact Of Heterogeneous Institutional Investors' Research Activities On Enterprise Performance

At present,institutional investors have become the backbone power of China's cap-ital market,and gradually formed a diversified development pattern,which has aroused scholars' attention to institutional investors heterogeneity.At the same time,institu-tional investors launch research activities on listed companies under the demand of in-formation,and this process has a profound impact on corporate governance mechanism,investor relations and capital market development.The shareholder activism of institu-tional investors that are actively involved in corporate governance,with funds,infor-mation,personnel and other advantages,institutional investors can make up for the in-ternal mechanism of corporate governance and individual investors "free-rider" prob-lem,can bring positive effect in reducing the information asymmetry,improve corporate performance etc.Therefore,this paper is concerned with whether the institutional in-vestors with heterogeneity,as the shareholders of the strength and ability of the capital market,can affect the enterprise performance through the research activities,and whether the effect is different.This paper studies the impact of institutional investor research on corporate per-formance by means of theoretical analysis,quantitative and qualitative analysis.This data is derived from the record of investor relations disclosed by the small and medium listed companies of the Shenzhen exchange in the Shenzhen exchange in 2014.The article first divides the institutional investors with the existence of commercial relations with listed companies.Through the construction of three indexes,such as the frequency of investigation,the depth of the investigation and the participation of the core manage-ment,the paper carries out a comprehensive measurement of the research activities of the institutions.On this basis,this paper analyzes and expounds the two-way commu-nication mechanism of institutional investors' research on the impact of corporate per-formance,that is,both sides get useful information through the two channels of infor-mation disclosure and information feedback,providing more information for their own decision-making.Finally,the theoretical and empirical analysis shows that the research activities of institutional investors have a positive correlation with the performance of listed companies,and the difference in the impact on corporate performance is rooted in the type of institutional investors.Specifically,independent institutional investors have stronger supervision will than non-independent institutional investors,so can independent institutional investors in the process of investigation and research have more significant effect on corporate performance.This paper,while enriching the theoretical research of the external governance mechanism of the company,plays an important role in promoting the institutional in-vestors to play an active role in supervising and the core management to attach im-portance to the management of investor relations.By adhering to classified management,standardizing information disclosure and advocating value investment,the research ac-tivities of institutional investors will be more orderly and efficient.It can improve the efficiency and transparency of research,safeguard the legitimate rights and interests of investors,and improve the performance level of the enterprise,thus pushing the healthy and stable development of the capital market of our country.