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

With 933 listed companies from 2004 to 2008 as samples for studying the institutional investors′ effects on corporate governance and the influences of the types of controlling shareholders and governance environment on them,the empirical results show that institutional investors are effective in corporate governance and can improve corporate performance remarkably.State holding may restrain institutional investors′ effects,and compared with local government holding companies,the effects of institutional investors in central government holding companies are better.Equity separation reform strengthens institutional investors′ effects on corporate governance.If marketing degree is higher,the effects of institutional investors on corporate governance will be better.