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A Study On The Relationship Of China's Institutional Holding And Cash Dividend Policy Of The Listed Companies

Posted on:2011-03-01Degree:MasterType:Thesis
Country:ChinaCandidate:H S ZhaoFull Text:PDF
GTID:2189360305462179Subject:Finance
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This paper starts from the payout policy,which is one of the most important areas of the finacial management. We study their investment behavior and their participation of the corporate governace in the listed companies by the view of the cash dividend policy. First, we elaborate the theories to explain the possible relation betweent the institutional investors and cash dividend policy and conclude the pertinent research finding from home and abroad.Then, we sum up the current situation and basic features of the China's institutional investors and the cash dividend policy. Finally, we apply the empirical data after the beginning of the Stock-splitting Revolution to the Logit and regression models to examinate their relation and get some corresponding conclusions.We get these main empirical conclusions as follow:(1) the institutional holding of the cash dividend paying firms is evidently higher than the non-paying firms; the cash dividend of the institutional holding firms is evidently higher than the non-institutional-holding firms. (2) the possibility of the institutional holding has a positive relation with the cash dividend amount. (3) the amount of the institutional holding has a positive relation with the cash dividend amount. (4) the possibility of the cash dividend paying has a positive relation with the institutional holding,the institutional investor start to effect the cash dividend policy. (5) we didn't find evident relation to the amount of the cash dividend with the institutional holding, institional investors havn't deeply effect the corporate governance yet.
Keywords/Search Tags:Institutional investors, Stock-holding behavior, Cash dividend policy, Corporate governance
PDF Full Text Request
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