Are Institutional Investors Active?

After nearly 30 years of development,China's capital market is becoming more and more mature.In recent years,more and more scholars focus on the research on the dividend policy of listed companies.Dividend policy is a key factor to judge the profitability of listed companies.And corporate governance ability of institutional investors is an important indicator of investment object.In this paper,QianLuntai A company as a case,the game of dividend policy QianLuntai A's perspective,Tianhong fund,from between investors and research institutions side management of conflicting interests,In view of the game of dividend policy in 2014,the investor of QianLuntai A and the company management at the annual general meeting of shareholders in May 2015.In the event of dividend policy Luntai A company,Luntai A company released 2014 annual earnings announced annual results can be the case,announced a cash dividend distribution dividend policy plan,this seemingly reasonable dividend policy has been the third largest shareholder of the company Tianhong fund gold against,and then put forward to the capital of the company as the base,every 10 shares to 15 shares of the fund "gaosongzhuan" interim proposal.When voting was held at the 2014 annual general meeting of shareholders in May 2015,the cash dividend plan of the company's management and the provisional proposal of Tianhong fund did not get a vote,prompting the management of the company to issue a two dividend policy plan and vote.This article uses the case study method,the literature research method and the event study method,and in order to explain the institutional investors protected the interests of minority shareholders,regulators and market to a certain reference significance and reference value.