Abstract: Collecting 2003-2009A-share Chinese listed companies having institutional ownership as samples,based on different corporate ownership,this study investigates the influence of different institutional investors on firm performance around the split-share structure reform,within simultaneous equations by using 2SLS.First,the associations between the fund on behalf of domestic institutional investors and firm performance,and qualified foreign institutional investors (QFII) and firm performance are discussed,t he results show that fund ownership improves firm performance,but QFII does not.Then,this article studies the influence of the split-share structure reform on the relationship between different institutional investors and firm performance,and the influence on the association between different institutional investors and firm performance around the split-share structure reform.The results indicate that the factors of the reform and corporate ownership impede domestic institutional investors participate corporate governance but not affect QFII's behavior of corporate governance.

Key words: heterogeneity of institutional investors, split-share structure reform, state-owned controlling, firm performance, 2SLS