The nature of property rights, the heterogeneity of institutional investors and investment efficiency-based on the empirical evidence of China's agricultural listing Corporation

【Author】 Zhu Xinkai; Xu Xingmei;

school of Agriculture and Rural Development, Renmin University of China; International College, Renmin University of China;

【Abstract】 Based on the unbalanced panel data of China's agricultural listed companies from 1999 to 2014, this paper studies the relationship among property rights, institutional investor heterogeneity and investment efficiency. It can be found that institutional investor ownership helps to overcome the inefficient investment of agricultural listed companies, but this governance effect is only reflected in private holding companies, and is limited in state-owned holding companies. Further examining the heterogeneity of institutional investors in private holding companies (divided into stable institutional investors and trading institutional investors), the results show that compared with trading institutional investors, stable institutional investors play a more active role as supervisors in overcoming the inefficient investment of agricultural listed companies. Careful consideration of the different governance scenarios of agricultural listed companies will help to promote the real governance function of institutional investors according to local conditions.

【Key words】 Property Rights; Heterogeneity of Institutional Investors; Investment Efficiency;

[Fund] The phased results of the Ministry of Agriculture's soft science research project "Research on the Integration and Development of the One, Two and Three Industries" (Project No. D201603)

[Journal Column] Economy and Management (No. 01, 2016)

responsible Editor: Zhai Tianchang