| With the rapid development of China's market economy,China's capital market has been hitherto unknown development in its process of rapid development.In the process of rapid development,China's caoital market is still not mature enough.The number of listed companies without cash dividends remains high all the year round.Some listed companies focus on financing and return lightly,which results in the effective protection of the interests of srmall and medium-sized investors.Therefore,in order to protect the interests of small and medium-sized investors,China Securities Regulatory Commission has issued a number of urgent requests for cash dividends since 2001,and actively promoted the cash dividends of listed companies.In 2013,in order to effectively protect investors' rights and interests,the Commission issued a differentiated semi mandatory cash dividend policy,aiming at different cash dividends requirements of listed conpanies at different stages of the life cycle.Institutional investors are important shareholders of a listed company.They phay an important role in the investment of listed companies,and phay an increasingly important role in corporate govemance.Due to the huge shareholding of institutional investors and easy to face the "locking effect",institutional investors have the motivation and strength to influence the cash dividends of Listed Companies in terms of their shareholding ratio.In the process of China's economic restructuring and suppfy side reform,in order to provide more convenient financing channels for SMEs and create a normal exit mechanism for venture capital,the SFC launched the GEM Listing in 2009.The listed companies in The Second-board Market have set up time short,small,high growth,big financing demand.In the GEM listed companies,can institutional investors affect the cash dividends of the listed companies by their shareholding?How does it affect the cash dividend of the listed companies?These problems have become the focus of govellment,society and investors,and the research on these issues has both theoretical and practical significance.This paper is the research object of the listed companies from 2010 to 2016 in the Second-board Market,analyzes its impact on cash dividend will and cash dividend level from the point of view of the shareholding ratio of different types of institutional investors.At the same time,the paper analyzes The effect:iveness of the semi-compulsory dividend policy in 2013.It is found that:(1)the institutional investor shareholding ratio has a significant positive influence on the cash dividend intention of listed companies invested.(2)the institutional investors has a significant positive effect on the cash dividend level of listed companies invested;Fund companies to institutional investors holding has significant positive influence on the cash dividend levels of listed companies invested;The social security fund institutional investors holding has significant positive influence on the cash dividend levels of listed companies invested.(3)the semi-compulsory dividend policy in 2013 has a positive effect on the cash dividend willingness and cash dividend level of the listed companies in the Second-board Market.In view of the above findings,institutional investors as between controlling shareholders and small shareholders of the third party in the cormpanies listed in the Second-board Market,the proportion of institutional investors holding more,the companies listed in the Second-board Market of cash dividend will get stronger,the level of cash dividends the higher,which safeguard the interests of small shareholders.The purpose of this study is to provide a theoretical reference for the coiporate governance of the listed companies in the second-board market. |
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