The Research On Influence Of Institutional Investor On Listed Company's Cash Dividends

Cash dividends is one of the hottest keywords in our country's capital market and corporate governance since 2008.The Securities and Exchange Commission and the Stock exchange has been gradually introduced a number of regularity rules to facilitate cash dividends of listed companies,which aimed at strengthening the enthusiasm and initiative of listed company's cash dividends. The issue of cash dividends has attracted a lot of attention from scholars, many scholars try to explore the influential factors of cash dividends such as enterprise features, corporate governance and external environment. Institutional investor represented by securities investment funds has achieved rapid development since our country put forward the strategy of “extraordinary development of institutional investor” and gradually participated in corporate governance. Institutional investor 's impact on cash dividends is one way to achieve the corporate governance role. Therefore, the study on the influence of institutional investor on cash dividends has important theoretical and practical significance. However, many scholars consider institutional investor as homogeneous institutional investor when they study the relationship between institutional investor and cash dividends, and more importantly, they ignore that the influence of institutional investor on cash dividends may vary due to the listed company's cash dividends ability. Our article will study the influence of heterogeneous institutional investor on cash dividends from the perspective of heterogeneity of institutional investor and introduce the variable of cash dividends ability, we comparatively study the relationship between institutional investor and cash dividends under different ability of cash dividends.This paper, which selects mainboard A share listed companies as the research object, analyses the effect of heterogeneous institutional investors on cash dividends from the perspective of two different dimensions and two different levels of heterogeneity, and further analyse the different effect of large independent institutional environment's on cash dividends when listed companies have enough free cash flow or not.The results show that:(1)Large institutional investors have a significant positive correlation with cash dividends, but small institutional investors do not have a significant correlation with cash dividends; independent institutional investors have a significant positive correlation with cash dividends, but dependent institutional investors do not have a significant correlation with cash dividends.(2) Large independent institutional investors have a significant positive correlation with cash dividends, small independent institutional investors do not have a significant positive correlation with cash dividends, Large dependent institutional investors do not have a significant positive correlation with cash dividends.(3)When free cash flow is rich, large independent institutional investors have a significant positive correlation with cash dividends, but when free cash flow is less, the positive correlation between large independent institutional investors and cash dividends will be weakened.