Analysis Of Institutional Investor Heterogeneity And Study Of Influencing Factors

In recent years,institutional investors have made great progress and have become the main players in China's capital market.Studies on the heterogeneity of institutional investors are increasing,but there is a lack of research on the factors affecting the heterogeneity of institutional investors.By measuring the heterogeneity of institutional investors to found its characteristic distribution,and then analyze its influencing factors.It is of great significance to solve the financing difficulties of SMEs from the supply side.This paper is mainly divided into five chapters: the first chapter is the introduction,which puts forward the research background and significance of this topic.Through literature review,it raises issues that need to be addressed in this topic is to analyze the heterogeneity characteristics of institutional investors by using the two standards of shareholding stability and industry,and what factors affect this feature? The second chapter is the theoretical basis,which focuses on defining the heterogeneity of institutional investors and provides theoretical support for subsequent research.The third chapter analyzes the heterogeneity of institutional investors.The research objects are five types of institutional investors: securities investment fund,insurance company,sunshine private fund,social security fund and brokerage financial products.It is found that the heterogeneity of all kinds of institutional investors presents random distribution characteristics.The fourth chapter is the empirical research on the influencing factors of institutional investors' heterogeneity.In view of the convergence characteristics of heterogeneous random distribution of various institutional investors,binomial logit analysis were carried out on the institutional investors as a whole,the results show that the development ability,governance structure,information disclosure quality and enterprise value would have a significant impact on the heterogeneity of institutional investors.Then,institutional investors were classified into stable type and transaction type and analyzed the influencing factors of heterogeneity.The study found that stable institutional investors paid more attention to the profitability and development ability of SMEs,while transactional institutional investors paid more attention to the quality of information disclosure,enterprise risk and enterprise value.The standardization of corporate governance structure of SMEs is general,which has a negative effect on both types of institutional investors.R&D has no significant effect on stable institutional investors,but has a significant negative effect on transaction type.The research results show that stable institutional investors are beneficial to the stability of the capital market and the financing of SMEs;SMEs can attract institutional investors to invest through their own efforts.The fifth chapter puts forward some countermeasures and suggestions for the financing problem of SMEs from the two levels of institutional investors and SMEs.It is concluded that the relevant departments guiding institutional investors to carry out long-term investment and strengthen the supervision on them,and improving SMEs' profitability,development and governance structure,can both effectively ease SMEs' financing problems.