| Along with the rapid development of institutional investors,institutional investors identity also quietly changing,from passive to active the "vote with their feet" "vote by hand",from "speculation" value to the concept of "value appreciation" investment.Institutional investors play an important role in capital market and play an important role in the stable development of capital market.This change of identity and investment philosophy of institutional investors is conducive to alleviating the agency problems existing in the company,such as information asymmetry and responsibility,etc.The larger the institutional ownership,the active participation in corporate governance and the improvement of corporate financial performance.This paper believes that institutional investors have a great influence on corporate governance,which will affect the financial performance of the company.The pace of change in China's capital market is accelerating,the upgrading of industrial structure is accelerated,capital tends to be centralized,the competition of enterprises is intensifying,and merger and reorganization has become a trend of enterprise development.More and more industries need to achieve large-scale integration through mergers and acquisitions.The financial performance of A listed company in A share listed company or A certain industry is different from the previous literature.Based on the consolidation behavior of the company as the sample,select [2013,2015] mergers and acquisitions company,corporate governance as the intermediary variable,studying whether institutional investors affect the company's financial performance after M&A,so as to explore possible internal institutional investors on the company's financial performance mechanism.This article is based on the principal-agent theory,stakeholder theory and the theory of shareholder activism build institutional investors through the transmission mechanism of corporate governance,in turn,affects the role of the company's financial performance path,corporate governance from the board of directors structure,compensation mechanism and measure of equity structure three aspects,this paper respectively by proportion of independent director,executive pay and ownership concentration as a measure,to corporate governance as intermediary variables,study the effect between the two paths.Based on mergers and acquisitions in the previous year institution equity as the dependent variable,with one year after the merger of roe to measure the company's financial performance,at the same time according to the intermediary effect inspection conclusion: institutional ownership and significantly positively related to the company's financial performance;There is no significant correlation between the shareholding ratio of institutional investors and the proportion of independent directors;The shareholding ratio of institutional investors is positively correlated with executive compensation;There is a significant negative correlation between institutional shareholding ratio and ownership concentration;There is no intermediary effect between the proportion of independent directors in institutional investors and the financial performance of the company;Executive compensation plays an intermediary role between institutional investors and corporate financial performance.Equity concentration plays a mediating effect between institutional investors and corporate financial performance.This paper puts forward the following policy Suggestions: perfect the relevant laws and regulations,regulate and perfect the capital market;Strengthen the institutional investor team;Reduce the barriers to corporate governance and improve the internal governance mechanism.In this paper,how to strengthen institutional investors in the future,how to play the role of "main body" in the capital market,provide certain reference significance.At the same time,it provides realistic basis for the company to improve the management level of the company and improve the financial performance of the company after the merger. |
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