| Since the beginning of 2000,when China put forward the idea of ultra-conventional development of institutional investors,domestic institutional investors began to develop rapidly and rapidly,and at the same time,they have gradually become an important shareholder structure of listed companies,become the focus of scholars in the field of financial research.Then,further indepth study of the importance of the Investment Agency is self-evident.In this context,scholars at home and abroad have done more and more research on institutional investors,the research includes the research on the relationship between institutional investors and the stability of capital market,the research on the relationship between institutional investors holding shares and the quality of information disclosure of listed companies,and the research on the relationship between institutional investors holding shares and corporate performance,but the results of all the studies have not been uniform.The conclusions of relevant studies are quite different,the main reason is that many researchers simply regard various types of institutional investors as a whole,and use this method to carry out their research on the impact of corporate performance,but in fact,institutional investors are not only a type or a whole,and their investment management behaviors are usually different due to their investment objectives,investment risk preference,investment characteristics and other factors,so studies that look at it as a whole tend to be biased.Of course,there are a few astute researchers who are concerned that institutional investors are not a single entity,and have explored and justified the differences at a deeper level,but most of the research has focused on one of the many types of institutional investment,for example,the study of fund-type investment institutions.Therefore,it is necessary to study the impact of different types of institutional investors on corporate performance.This paper uses the data of Shanghai and Shenzhen a-share listed companies to analyze the impact of institutional investors’ differentiated investment behavior on the performance of holding companies.This paper studies the different performance of different types of institutional investors under the participation of corporate governance path to analyze its impact on business performance.Taking the role of institutional investors as the starting point,this paper divides institutional investors into pressure-sensitive type and pressure-resistant type through the type research of previous scholars,the distinction is based mainly on whether there is a substantial business connection between them and the holding company.Based on the literature study,this paper analyzes the differential behavior of different types of institutional investors in the process of participating in corporate governance by using the theories of interest-related,network-centered,shareholder positivity,and behavioral finance,and from the empirical research data to verify the previous theoretical analysis research hypothesis.In this paper,a-share listed companies in Shanghai and Shenzhen stock markets from 2015 to 2020 are selected as samples from The Guotai an’s Database,and the proposed hypothesis is analyzed by regression analysis method.The empirical research draws the following conclusions:1、Pressure resistant institutional investors have a more significant positive direction to the company’s operating results;2、Pressure-sensitive institutional investors have a negative impact on firm performance;3、When large shareholders pledge their equity,it will weaken the positive transmission of pressure-resistant institutional investors to the enterprise’s operating results4、The positive impact of pressure-resistant institutional investors on firm performance is weakened in state-controlled enterprises.In this paper,the reliability of the research conclusion is ensured by means of the dependent variable substitution test and the regression analysis and the robustness test of the two-stage least squares.Finally,from the perspective of the three parties involved in market activities,I.E.Institutional Investors,securities regulatory authorities and listed companies,this paper analyzes the problems and proposes that China should gradually guide institutional investors to change from short-sighted investment to stable investment,securities regulatory authorities should pay more attention to the rapidly developing institutional investors,introduce more support and regulatory policies,and put forward new ideas of corporate governance from the perspective of corporate governance. |
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