Research On The Influence Of Institutional Investor Heterogeneity And R?D Investment On Corporate Performance

Under the strategic guidance of ultra-conventional institutional investors,in recent years,the size of institutional investors in China has gradually grown and become the dominant force in the securities market.It has rich investment experience,mature investment idea and strong financial strength.With the expansion of corporate governance channels,institutional investors have transformed from passive compliance to active decision makers,both in shareholder meetings and in the board of directors,with a certain amount of voting rights based on the number of shares they hold.For professional managers whose goals are contrary to institutional investors,they can also play a role in supervising and restricting their short-sighted behaviors.Active participation in corporate governance not only enables them to achieve self-worth,but also enhances the performance of the invested company and maximize returns.If enterprises want to be sustainable,they must put innovation at the top of their development strategy.So they can have core competitiveness and obtain excess monopoly profits.R&D investment plays a vital role as a starting point for innovation.But R&D is a long-term,cyclical process that requires a lot of money and technology.By introducing Institutional investors,the companies can indirectly own the resources they hold to invest in research and develop activities.In addition,the interests of the operator and the owner are inconsistent,leading to short-sighted behavior of the operator.The enter of institutional investors can significantly improve this phenomenon,increase R&D investment that is conducive to the long-term development for enterprises,and promote corporate performance.On this basis,this article selects the 2011-2017 Shanghai and Shenzhen A-share listed companies as data samples,we investigate the relationship between institutional investors,R&D investment and corporate performance,carefully considering the heterogeneity of investors,the classification criteria.Institutional investorsis are divided into “pressure resistance” and “pressure sensitive”.Regression analysis found that the overall shareholding and “pressure resistance ”positively affect corporate performance and R&D investment,while“pressure sensitive” type is not significantly correlated relationship.R&D investment plays a partial intermediary role between the two variables.According to the research conclusions;Firstly,the government should optimize relevant laws and regulations to ensure that institutional investors can maximize their effectiveness in the capital market to promote economic development;Secondly,enterprises should establish a good social image,attract more institutional investors,and build enterprises into more creative,creative and profitable enterprises;Finally,it is necessary to strengthen the guidance of sensitive institutional investors,and promote their active participation in public governance in the future development,contributing to the improvement of corporate performance.