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An Empirical Study of the impact of institutional investors holdings factors

Author: Zhou
Tutor: LiDingQing
School: Chongqing Technology and Business University
Course: Accounting
Keywords: Institutional investors Shareholding ratio Financial information Market performance information Corporate governance information
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 75
Quote: 0
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Abstract


With the development of market economy , China’s institutional investors welcomed the development by leaps and bounds. They have developed into the main financial strength which has a huge influence on the capital market. More and more people’s economic situation has relationship with institutional investors’investments in the capital market,such as social security funds,securities investment funds. Many scholars believe that the growth of institutional investors completely changed the ownership structure and improved the traditional corporate governance. Institutional investors have become the most important force in developing capital markets and corporate governance process. But in the study,they usually did not distinguish the identity of institutional investors. Compared with individual investors,institutional investors use other people’s money to invest,and they have a double identity of agent under the contradictions of the information asymmetry. This is all impact of institutional investors. On this basis, this paper analyzes the factors of institutional investors holding to try to work out their performance in the capital markets and the degree of participation in corporate governance.First of all, in theory,this paper refers to the basic theory such as agency theory and asymmetric information theory, and analyzes the special dual role of institutional investors. In the governance structure of listed companies, institutional investors are one of its shareholders and the Principal. For investors, investment institutions are constituted mainly by the financing,and their own ownership and management is also a separation. The management of institutional investors and the client is also a principal-agentrelationship. From this perspective, they are agents. On this basis,the paper analyzes the institutional investors holding decision-making from four aspects as the nature of institutional investors,risk control,ownership characteristics and decision-making choices.Secondly,in the empirical study, this paper selects total of 2856 listed companies as samples who offering A,B,H shares in Shanghai and Shenzhen stock in 2007-2009. Then,it examines the correlation ratio about the information of these sample companies and institutional investors holding,including financial information,market information and corporate governance performance information. These verify the hypothesis proposed in this paper. Between institutional investors holding and information of listed companies like financial information,market information and corporate governance information is a significant relationship.Finally,according to research findings to make recommendations, institutional investors should continue to improve the management and supervision system,while our country is to develop institutional investors,enhance the education of institutional investors. Its purpose is to inhibit institutional investors’speculations in the capital market,improve their level of participation in corporate governance,and play their positive roles in the capital market.

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