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The Research of Institutional Investors on Corporate Performance and Executive Pay

Author: ZhangYaFei
Tutor: QiaoGuiMing
School: Suzhou University
Course: Finance
Keywords: Institutional investor Corporate governance Shareholder activism
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 87
Quote: 0
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Abstract


By the 1980s, there was a wave of activism for the institutional investors in the western developed capital markets, especially in the US. The institutional investors are not only the key character of the stock markets, but also the main element of optimizing the corporate governance. Now the Chinese stock market is in the step of developing and reforming, the faultiness of the corporate governance blocks the development of Chinese capital market and listed firms healthily. With the rapid expansion of the size of institutional investors in recent years, along with the reform of non-tradable shares and adjustment of policies, the power of influence corporate governance increasingly enhanced. The aim of this dissertation is to discuss the effect of the institutional investors evolving in the corporate governance in China and make some case studies.The thesis is based on the following order to develop the viewpoints: Firstly, we discussed theories on principal-agent theory and ownership structure theory. And then, based on the review of related literature, the anciently scholastic investigative producing and deficiency have been analyzed. After researching the development process of the institutional investors in America to participate corporate governance, sum up the experiences and revelation of the institutional investors in America to participate corporate governance. Then the paper analyses the development of institutional investors in china, the cases of institutional investors into corporate governance, and the situation of Chinese corporate governance. At last, for the sake of validating whether Chinese institutional investors could improve corporate governance, the paper chooses Chinese listed companies after the reform of non-tradable shares as investigative objects, and then demonstrates the affection to the corporate governance. Firstly, we investigate the relationship between the institutional ownership and the value of company, to understand the relationship between institutional investors and corporate governance, the paper reaches the conclusion that there exists linear relationship between the proportion of the institutional shareholders holding and corporation performance. Secondly, we investigate the relationship between the institutional ownership and executive compensation, to understand the relationship between institutional investors and corporate governance, the paper reaches the conclusion that there exists linear relationship between proportion of the institutional shareholders holding and executive compensation.The empirical study demonstrates: in our country, corporate governance has been improved because of the institutional investors. Based on the above theoretical analysis and empirical results, the paper has put forward some political suggestions to promote the development of institutional investors and promote institutional investors to care more about corporate governance and affect it actively.

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