The Institutionalization of Institutional Investors——The Empirical Analysis Based on the Structure of Mutual Fund Holders
Developing institutional investors and striving to build modem financial enterprises is a sign of the maturity of the securities market,and it is also the key to the development and optimization of a modem financial system with Chinese characteristic.However,some studies have mostly focused on the role of institutional investors in improving corporate governance,but ignore the impact of investment institutions'own shareholder structure.This paper selects mutual funds as representatives of institutional investors,and the study finds that funds with higher institutional holdings will achieve higher excess returns in the future.In order to further analyze the internal mechanism,this paper puts forward three hypotheses:"Private Information Mechanism","Incentive Mechanism"and"Supervision Mechanism",and the empirical results show that institutional investors can not only"vote with their feet",but also have a positive incentive and supervision effect on mutual funds,which has a significant positive impact on the fund manager's stock selection ability and investment patience.The paper also finds that the stability of institutional investors'shareholding is also a key factor to improve the future return of funds.This paper preliminarily explores the issue of financial intermediation chain,which provides more empirical details and evidence for understanding the role of institutional investors in China's capital market,and also enriches the research ideas in the field of public funds.
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