The Research About The Impact Of The Institutional Investors On The Performance Of Listed Companies

With the development of the capital market,institutional investors,as a strong team,begin to participate in it,and gradually turn from playing a negative role to a positive role.They want to make the target company develop in the direction of benefiting itself and other small and medium shareholders by personally intervening in the governance actions of the target company to obtain more stable investment returns.Considering that the final result of institutional investors' active participation in corporate governance will be reflected in the company's performance level,it is of theoretical and practical significance to explore the influence of institutional investors' participation on the target company's performance level.This paper is divided into five chapters.The first chapter is the introduction,introducing the background,purpose and significance of the topic,summarizing the content structure,research methods and innovations.The second chapter is a literature review,which summarizes the research done by domestic and foreign scholars on the relationship between institutional investors and companies.The third chapter is theoretical analysis.Firstly,it explains some basic concepts such as institutional investors,heterogeneous institutional investors,corporate governance and corporate performance.Secondly,it explains the characteristics and classification of institutional investors.Thirdly,it interprets the principal-agent theory,shareholder activism theory and stakeholder theory,and on this basis analyzes the causes and paths of institutional investors' ownership influence on corporate performance and the different effects of heterogeneous institutional investors on corporate performance.The fourth chapter is empirical analysis.First,it proposes research hypotheses,then selects variables and data,sets models,and then does statistical analysis,data testing and model selection by using the statistical software.Finally,it carries on the regression analysis.The fifth chapter is the conclusion and suggestion.The conclusions show that:First,compared with listed companies without institutional investors,the performance of listed companies with institutional investors may be better.Second,the absolute shareholding ratio and relative shareholding ratio of institutional investors are positively related to the performance level of listed companies.Third,pressure-resistant institutional investors can improve the performance level of listed companies,and pressure-sensitive institutional investors have no impact or even negative impact on the performance level of listed companies.According to the theoretical analysis and empirical results,this paper proposes suggestions which are benefit for listed companies' performance improvement from the aspects of relaxing restrictions on institutional investors,guiding institutional investors to establish correct investment concepts,and improving the shareholding structure of listed companies in China.