The Impact of Institutional Investor Attention on Enterprise Performance: Empirical Test Based on Chain Multiple Mediating Effect Model
摘要：In recent years, the number and types of institutional investors in China have achieved rapid development, and gradually become an important part of China’s capital market. Institutional investors pay more attention to the long-term performance of enterprises in order to maintain their long-term and stable return on investment. This paper uses the investor relationship data of the "interactive easy" platform of Shenzhen Stock Exchange and the data of listed companies of Shenzhen Stock Exchange from 2014 to 2019 to construct the index of institutional investor attention, and empirically examines the influence mechanism of institutional investor attention on enterprise performance. Furthermore, a chain-type multiple intermediary effect model is constructed to investigate investor attention affecting enterprise performance. The results show that institutional investor attention can significantly improve enterprise performance. The attention of institutional investors can reduce the quality of economic development by increasing the innovation investment of enterprises and strengthening the incentive intensity of executive compensation, as well as the chain-type intermediary channel of "Executive Compensation Incentive Increase → Enterprise innovation investment increase", the independent intermediary effect of executive compensation incentive is the most prominent. Furthermore, the results show that institutional investor attention promotes the performance of non-state-owned enterprises and state-owned enterprises. However, the state-owned enterprises can only improve their performance through the compensation incentive independent intermediary channels.
企业经济; 金融; 证券; 投资