Research On The Influence Of Institutional Investors' Shareholding On Over-indebtedness Of Listed Companies

With the further development of our country's reform and opening-up,the phenomenon of over-indebtedness of listed companies caused by mismanagement and financing structure change prevails.It becomes urgent for the government to seek diversified financing structure and create a good legal environment for enterprises.At the same time,institutional investors now are playing an increasingly important role in reducing the uncertainty faced by enterprises in the long-term development and perfecting the structure of our country's capital market.Facing the high liability problem of enterprises with different property rights,and in order to guide and maintain the long-term steady development of listed enterprises in China,it is of great significance to strengthen the theoretical research on institutional investors' involvement in corporate governance and probe into its role in the over-indebtedness of listed companies.From the perspective of institutional investors participating in corporate governance,taking the 2014-2017 A-share non-financial listed companies as research samples,this paper empirically examine the influence of institutional investors on excessive liabilities of listed companies with different property rights.The study found that first,there is a negative correlation between institutional investor ownership and companies'short-term excessive debt;second,there is a positive correlation between institutional investor ownership and long-term excessive debt of listed companies;third,the influence of institutional investors' shareholding on the liabilities of non-state-owned listed enterprises is more significant than that of state-owned listed enterprises.At last,according to the research conclusion and based on the current situation of the reorganization of state-owned capital investment and promoting the innovation and development of institutional investors,several policy suggestions are put forward.