Impact Of Institutional Investor Ownership And Cash Dividend On Corporate Performance

At present,it is an important time for China's economic reform.Before this,our country's enterprises were mainly administrative,and now they have gradually turned into economic governance.The company's shareholding structure has also gradually been decentralized and concentrated.Institutional investors play an important role in this.Under the guidance of our current policies,institutional investors are also fastly developing and have gradually become an important player in China's capital market.In 2007,institutional investors held 11.24% of the stock market,and by the end of 2015,they had reached 66.71% of the stock market value.They quickly developed into the top ten shareholders of listed companies and had a profound influence on the market and the ownership structure of the company.There are many institutional investors and different types of institutional investors have different investment preferences.How to participate in corporate governance has become a research focus of experts and scholars.In the bottom of 2013,the China Securities Regulatory Commission promulgated the "Regulations on the Supervision of Listed Companies No.3-Cash Dividends for Listed Companies" to guide the distribution.However,this kind of administrative intervention was not effective.Although some companies announced the issuance,the final beneficiaries were major shareholders.In order to solve the problem of dividend distribution of cash dividends by listed companies,it is fundamentally necessary to proceed with corporate management policies.Therefore,whether institutional investors can participate in corporate governance and solve this problem has become a subject worthy of study.Among the existing literature related to institutional investor research,most of the research is about the effect of institutional investor holdings on firm performance.However,the internal mechanism of how institutional investors' stock ownership affects corporate performance is analyzed.And the way of action has always been the research gap.Therefore,after studying the relationship of institutional investors affecting corporate performance,this paper analyzes whether institutional investors exert corporate governance effects by affecting the cash dividends of listed companies from the perspective of cash dividends,and then establishes an intermediary effect model to empirically analyze institutional investors.In the path affecting corporate performance,whether cash dividends play an intermediary role.This article takes a sample of some of the listed companies in the ShanghaiShenzhen A-Shares held by institutional investors from 2010 to 2015,taking different types of institutional investors as the entry point.They have different effects on corporate performance.After in-depth analysis,There are also different ways of finding impact.Under the background of the system of socialism with Chinese characteristics,this paper analyzes and summarizes the effects of the holdings of heterogeneous institutional investors on corporate performance and cash dividends,and empirically validates that cash dividends are used by institutional investors' shareholdings in affecting corporate performance.Intermediary utility.This article is mainly composed of six parts.The first part is the introduction,introducing the research background,clarifying the research ideas and the framework of the thesis.The second part is the literature review,which analyzes the role of institutional investors in the governance of their holding companies: improving the value of share price and its representative information content,reducing agency costs,and enhancing corporate value.Analysing that institutional investor holdings have different effects on firm performance,it also examines whether institutional investors' holdings will have an impact on cash dividend payment levels and payment propensity.The third part is the theoretical basis of the thesis,which explains the conceptual types of institutional investors,the concept of cash dividends and the impact,the concept of corporate performance,and the influencing factors as well as some theoretical foundations.The fourth part is the theoretical analysis of the dissertation.This part is based on the third part of the theoretical analysis and put forward the related hypotheses.The fifth part is the empirical analysis of the paper,using descriptive test and robustness test to test the hypothesis proposed in this paper.The sixth part consists of research conclusions and policy suggestions,summarizing the research conclusions of this paper,and then put forward relevant suggestions for improvement,we should optimize the proportion structure of institutional investors,encourage institutional investors to hold shares for a long time;promote the change of cash dividend system of listed companies,and actively Guide pressure to resist the development of institutional investors;improve laws and regulations and improve the capital market environment.Finally,it points out the shortcomings and the direction of improvement in the research...