An Empirical Study On "Zhengjin Huijin" And Perks

In the stock market disaster in 2015,the “national team” funds represented by“Zhengjin” and “Huijin” entered the market as a national support.On the one hand,they successfully stabilized fluctuations and boosted confidence of market.On the other hand,as a special institutional investors,the "national team" passed a special signal to the market.So investors and scholars are very interested in the "national team" shareholding effect on the behavior of other institutional investors and corporate governanceAt present,there are many corporate governance issues in China that need to be solved urgently.Perks is one of important issue.Scholars often study corporate governance issues from the perspective of shareholders of listed companies,but the research on corporate governance by special institutional investors such as the “national team” is still blank.Therefore,this paper analyzes the data of “national team” holdings,institutional holdings and perks of listed companies from 2015 to 2017,and uses multiple linear regression methods for empirical research.In addition,this paper tests the robustness by replacing the proxy variable and the two-stage least squares method.The empirical results show that:(1)The institutional holdings can reduce the level of perks of A-share listed companies.(2)Conclusion one is still true in state-owned holding companies,but this conclusion is not significant in non-state-owned holding companies.(3)The more shares held by the “national team”,the more institutions hold shares.Furthermore,the increase in the shareholding ratio of “national teams” can weaken the level of perks.The increase in institutional shareholdings may serve as a channel for the “national team ” to influence the on-the-job consumption.Finally,this paper combined with empirical analysis to make recommendations.