Controlling Shareholders, Governance Environment and Institutional Investors' Effects on Corporate Governance

摘要

In this paper, with listed companies of 2006-2008 Shenzhen and Shanghai Stock Market in China A-share as samples for studying whether the organization of institutional investors, shareholders of listed companies positive control will actively governance impact on their business performance. The empirical results show that institutional investor governance mechanisms on firm performance of the management had highly significant positive effects and were consistent with effective monitoring hypothesis. This article further investigated the nature of the controlling shareholder value for institutional shareholder activism governance effects, the empirical analysis: restrained government control to play the role of institutional investors, as opposed to non-government controlled companies, government control of the company to further reduce the Institutional Shareholder Governance the positive value effect.