The Impact Of Institutional Investors' Heterogeneous Behavior On The Performance Of Investment Enterprises

In recent years,under the trend of vigorously developing institutional investors in China,various types of institutional investors in China have developed rapidly and have become an important part of China's capital market,and their influence is also increasing.Due to the diversity of their development,more and more people are interested in different types of institutional investors.Taking heterogeneity as the starting point,it is of great practical significance to analyze the influence of institutional investors' behavior on the performance of the invested companies.From the perspective of heterogeneity,this paper classifies institutional investors according to the criteria of whether there is a commercial relationship between institutional investors and the invested companies,and divides institutional investors into highly independent institutional investors and low independent institutional investors.Therefore,it is analyzed whether their shareholdings can affect the performance of the invested companies.Through empirical analysis,this paper analyzes the impact of heterogeneous institutional investor behavior on the performance of listed companies using the data of listed companies in China's 2015-2017 Shanghai and Shenzhen A-shares.The study found that there is a positive correlation between the shareholding ratio of high independent institutional investors and the performance of the invested companies,but there is no correlation between the shareholding ratio of low independent institutional investors and the performance of the invested companies;the research results are heterogeneous.There is a difference in the impact of institutional investors' ownership of a company on its performance.Therefore,China should vigorously develop high-independent institutional investors,reduce their investment quotas,and expand their investment scope.At the same time,reduce the business relationship of low-independent institutional investors,gradually improve their independence,and effectively improve the business conditions of enterprises.