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Empirical studies of the financing structure of institutional investors holding listed companies

Author: ShiYing
Tutor: TangLi
School: Chongqing Technology and Business University
Course: Accounting
Keywords: Listed companies Institutional investors The proportion of institutional ownership Financing structure
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 42
Quote: 0
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Abstract


With the booming of China's capital market and continuous improvement of institutional investors has affected the company's decision-making and governance levels, to improve corporate governance by applying a positive impact. In view of the relationship between the key role in the financing structure of the decisive role of the corporate governance as well as institutional investors increasingly show this article to institutional investors holding listed companies financing structure inspection of institutions, from the point of view of the financing structure whether investors to fulfill its \Learn from the achievements of scholars at home and abroad on the basis of the financing structure theory and institutional investors to participate in corporate governance theory as the theoretical basis for the study from 2007 to 2009 listed companies to issue A shares in Shanghai and Shenzhen, Descriptive statistical analysis of the nature of the variables and the trend of recent years, variable, and has been part of the evidence that supported the hypothesis. Then, prior to regression analysis by Person correlation analysis of the variables, the correlation between variables of a certain understanding, and found not produce multicollinearity problem, lay the foundation for the next step of the regression analysis. Finally, by constructing the regression model, research institutions, investors would affect the financing structure of listed companies, institutional investors holding what the impact on the financing structure of listed companies. The study results show that: the financing structure of listed companies, institutional investors had a significant impact on institutional investors holding company with no institutional ownership of the company's financing structure has significant differences, and with the shareholding raise the level of impact greater. Institutional investors float significantly negatively correlated with the level of indebtedness of the Company, that listed companies with a higher proportion of institutional investors holding assets-liability ratio is lower. Institutional investors float-adjusted market capitalization of listed companies also have a significant effect on float-adjusted market capitalization of listed companies the proportion of institutional investors holding a positive correlation. Current liabilities ratio of institutional investors, listed companies, and the higher the proportion of institutional ownership, the proportion of the smaller listed companies-current liabilities to total liabilities. Finally, we make recommendations based on conclusions: the external environment to optimize the development of institutional investors; improve institutional investors own strength and quality; establish full and effective incentive and restraint mechanisms for institutional investors; strengthen institutional investors play a role in the system and laws and regulations.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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