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1、IIABSTRACTTheinstitutionalinvestorsofwesterndevelopedcountriesbeganboominginthe1980s,affirmingtheroleofinstitutionalinvestors,Chinaputforwardthestrategyof"extraordinarydevelopmentofinstitutionalinvestors"in2001.Alongwiththegroupofinstitutionalinvestors,theyhavebeenbe
2、comingtheimportantpowerinthesecuritiesmarket.Atthesametime,withthehigherandhigherproportionofstockshare,institutionalinvestorshaveabandonedthepastpassivenegativeideology,andbegantoperformactivelyparticipatingincorporategovernancetoachievethelong-termbenefits-whichisc
3、alled“shareholderactivism”.Butwhetherinstitutionalinvestorscanactuallyparticipatingincorporategovernance,andthenaffectcorporateperformanceandtheirownbenefits,andtheeffectispositiveornegative,thesehasbeenacontroversialissueathomeandabroadinrecentyears.Inthispaper,Ihav
4、estudiedtheimpactontheperformanceandinfluencemechanismoflistedcompaniesinourcountrybyinstitutionalinvestorsthroughstandardizeresearchandempiricalresearchmethodsystematically.Thisarticlefirstreviewstheresearchachievementsofscholarsathomeandabroad,andthenthroughfurther
5、theoreticalresearchisimplementedtoexploreitsfunctionmechanism-agencycost.Butconsideringthedifferencebetweendifferentcategoriesofinstitutionalinvestors,theycouldbedividedintoindependentinstitutionalinvestorsanddependentinstitutionalinvestors,andthenempiricalresearchth
6、eimpactofthesetwotypesofinstitutionalinvestorsoncorporateperformanceresultsandtheinfluencemechanismofthedifference.Theempiricalresultsshowthatthewholeinstitutionalinvestorshaveapositiveeffecttothepromotionofcorporateperformance,thehighertheinstitutionalinvestorshareh
7、olding,themoreyouplaytheroleofshareholderstoparticipateincorporategovernanceactively,throughreducingtheagencycosttoimprovecorporateperformance.Independentinvestorscansignificantlyimprovethecorporateperformanceandreduceagencycost,ratherthanindependentinstitutionalinve
8、storsareunabletoeffectivelyparticipateincorporategovernance.KEYWORDS:institutionalinvestorscorporationperformanceagencycostheteroge