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Study Of Heterogeneous Institutional Investors’ Participation In Listed Company Governance

Posted on:2017-04-14Degree:DoctorType:Dissertation
Country:ChinaCandidate:L D PengFull Text:PDF
GTID:1109330488451935Subject:Business management
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Since the 1980s an important change in developed countries in the world capital markets is the raise of institutional investors. In the United States the institutional investors have become the dominant force in the capital markets, "shareholder activism of institutional investors" that the emerging corporate governance mechanisms has an obvious effect on stabling capital market.Starting from 2000, "the extraordinary development of institutional investors" has began.Our government want the institutional investors to play an important role in decrease " the second angency cost". The institutional investors have rapidly developed. The portion the institutional investors hold our A shares has reached 18.4%, Securities investment funds is the main. Social security funds, insurance companies, annuity, qualified foreign institutional investors, securities companies and other institutional investors coexistent. Chinese institutional investors has become into the important body in Chinese capital market, and can have a major impact. Our government want to build multi-level captital markets during the 13th Five-Year Plan period.It is very important to increase the development of investors and rule the investors and fulfill the market external mechanism.Institutional investors will play an important role during the 13th-Five Plan period.Institutional investors corporate governance will produce what kind of impact has become a hot spot during research academics and practitioners. Scholars have studied the effects from different perspectives on corporate governance, such as the impact of institutional investors on information disclosure of listed companies, the impact on manager earnings of listed companies, the impact on performance of listed companies, the impact of the transfer of control, but the existing literatures based on the perspective of institutional investors affect cash dividends of listed companies are not so much.This paper regards this is an important missing.The dividends of listed company is an important government problem during our captital changing period.But because there is no good restraint mechanisms,regulators use adiminstrative means to dividend cash.But the result is not good. To solve the problem from the fundamental,we should stimulate the endogenous driving force of corporate governance.So,it is worthy studying whether the institutional investor can be the endogenous power.The main work of the paper is on the issue.In this paper.based on the background of emerging and transitional.I classify the institutional investors and study the influence of the institutional investors to the dividends of the listed company.What effect will the performance have?And then based on this theme,this paper do the research on the theoretical analysis and empirical testing.The paper has seven chapters. The first chapter is an introduction, the main thesis brief overview, including its background and the meaning of the paper, research ideas and research methods, innovation. The second chapter is a literature review at home and abroad, the review the research in the field of corporate governance of institutional investors. The third chapter discusses the theories involed, and the institutional investors to participate in corporate governance motivation factors and the main way involved. The mechanism followed by institutional investors to participate in corporate governance. Based on the classification of the institutional investors chapter four study the direct influence of the institutional investors to dividends and the lasting of the influence to find whether the heterogenous institutional investors can increase the dividends and protect the rights of small investors or not.Chapter five verify whether the heterogeneous institutional investors are the moderation of major shareholders of listed companies affect cash dividends and how to moderate. And the aim is to find whether the heterogenous institutional investors can supervise and balance the large shareholder.then protect the rights of small investors.Chapter six study that how the heterogenous institutional investors can affect the performance of listed companies, and whether the cash dividend is mediating variables between heterogeneous institutional investors affect the performance of listed companies. Chapter seven first summarizes the research results, and compare the results of three earlier empirical analysis.Then the result is that heterogenous institutional investors play different roles in the governance of listed companies’ dividends. It summarizes research findings,make policy recommendations and direction limitations and further research studies.This paper has the following three aspects of innovations:1.This study examines the heterogeneous institutional investors which introduced to the"dividends issue of listed companies", adding new content to the role of institutional investors.And this paper provide new theoretical and empirical support to the dividends of listed companies.On the basis of no or potential business relationship between institutional investors and the listed corporation, the institutional investors are divided into pressure-resistant institutional investors and pressure-sensitive institutional investors, then test the influence of two institutional shareholders of listed corporation on cash dividend. The study found that the heterogeneous institutional investors have different effects on the cash dividend willing and cash dividend level, and the cash dividend willing and cash dividend level have different persistence of influence in listed company.2.Based on the background of the dominance of the large shareholders,this paper reveals the mechanism of heterogeneous institutional investors to dividends.Based on the background of "wether they play an role or not",this paper study "how they play an role",and what kind of institutional investors is the inter factor of solving the dividends problem.This study evaluates the effect of large shareholders, heterogeneous institutional investors on the listed company cash dividends, and test whether the heterogeneous institutional investors is the moderator of cash dividend affected by large shareholders or not. The study found that listed company large shareholders generally don’t prefer cash dividend, but the heterogeneous institutional investors have different effects on cash dividend in listed company, the pressure-resistant ant institutional investors can significantly weaken the influence of cash dividends of large shareholders, and the pressure-sensitive institutional investors have no significant effect on the impact of the cash dividend of large shareholders.3.This study settles on the issue of corporate performance,associating the institutional investors with the value of corporate and revealing the mechanism of heterogenous institutional investors participating in listed company’s governance.Heterogenous institutional investors have different effects on corporate performance.Pressure-resistant institutional investors have positive effect,and pressure-sensitive institutional investors have negative effect. Cash dividend is the mediator of the listed company’s performance affected by pressure-resistant institutional investors, but not the pressure-sensitive institutional investors.Pressure-resistant institutional investors can increase the dividends and improve the performance of listed corporation.Dividends can decrease the performance.But the total influence of the pressure-resistant institutional investors are positive.That means pressure-resistant institutional investors can improve performance.But pressure-sensitive institutional investors may cooperate with the large shareholder,and have negative effects to corporate performance.
Keywords/Search Tags:Heterogeneous Institutional Investors, Large Shareholder, Cash Dividends, Corporate Performance
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