Research On The Influence Of Institutional Investors' Heterogeneity On Corporate Operating Performance

In recent years,domestic and foreign institutional investors have developed rapidly and are active in the capital market by "voting with hands" and "voting with feet".Due to the multiple advantages of scale-effect,smooth information flow,experienced and professional personnel,the role of institutional investors in stabilizing the capital market and improving corporate governance has been highly concerned by scholars.However,institutional investors have different characteristics in terms of independence,investment preference and operation strategy,etc.,and the existence of heterogeneity leads to their different abilities and enthusiasm to get involved in corporate governance,which also affects the corporate performance of listed companies to varying degrees.In this context,it is of great theoretical and practical significance to study the impact of institutional investor heterogeneity on the capital market and listed companies.Based on the panel data of China's a-share listed companies from 2012 to 2017,2SLS was used to regression the relationship between the overall shareholding ratio of institutional investors and the corporate performance of institutional investors of different natures.The study of heterogeneity is mainly carried out from the two dimensions of independence and shareholding ratio,and studies five types of institutional investors in China: securities investment fund,social security fund,QFII,insurance institutions and securities companies.Regression results show that:(1)overall,due to the relevant interests,institutional investors will actively use their own advantages to monitor the listed companies,standardize the governance mechanism,so as to improve corporate performance;(2)independent institutional investors can give full play to the role of supervision and governance,and due to the existence of conflicts of interest,non-independent institutional investors on the improvement of corporate performance has no obvious help;(3)large-scale institutional investors,with the advantage of scale cost,can supervise the management at a lower cost to help improve corporate performance,while small-scale institutional investors are not significantly correlated with corporate performance.The results of this paper show that due to the existence of heterogeneity,different types of institutional investors have a differentiated impact on corporate performance,and independent institutional investors and large institutional investors play a positive role.Therefore,regulators during differentiation guide the development of institutional investors can consider further to actively guide the two types of institutional investors,steadily increasing shareholding proportion of institutional investors in China's capital market,broaden the way of institutional investors in listed company governance,to prevent negative impact on listed companies and the capital market.