Based on a microscopic many-particle theory we investigate the influence of excitonic correlations on the vectorial polarization state characteristics of the parametric amplification of polaritons in semiconductor microcavities. We study a microcavity with perfect in-plane isotropy. A linear stability analysis of the cavity polariton dynamics shows that in the co-linear (TE-TE or TM-TM) pump-probe polarization state configuration, excitonic correlations diminish the parametric scattering process whereas it is enhanced by excitonic correlations in the cross-linear (TE-TM or TM-TE) configuration. Without any free parameters, our microscopic theory gives a quantitative understanding how many-particle effects can lead to a rotation or change of the outgoing (amplified) probe signals vectorial polarization state relative to the incoming ones.
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