Research Of The Impact On Small And Medium Investor Interests By Investors' Attention

The separation of modern enterprise management rights and ownership not only produced a conflict of interest between the shareholders and the management level,but also caused the conflict of interests between shareholders.Compared with the major shareholders,small and medium shareholders in the status of information disadvantage,the capacity to controll shareholderget and get information are limited.Major shareholders to use its dominant position in the board,through a number of legitimate or illegal means to infiltrate small and medium investment The interests of the people.As the main force of China's capital market,the interests of small investors urgently need to protect.In order to enhance the efficiency of the entire market information level,investors and listed companies to achieve rapid and direct communication between the desire,Shenzhen Exchange launched the "EasyIR" information platform in 2010.But the launch of the platform is really increased the investors And the exchange of listed companies? Does this exchange bring value to investors and businesses? Investors on the increase in the degree of concern for listed companies can bring their own and business impact?In my paper,I use the numbers of questions on Shenzhen Stock Exchange "EasyIR" platform for investors as a proxy index of investor attention to the size of large shareholders and cash dividend distribution of two indicators as the explanatory variables To study the interests of small and medium investors in the GEM manufacturing industry,the impact of investor attention on the interests of small and medium investors,the results show that:(1)The degree of investor attention can affect the degree of capital occupied by the major shareholders,and the investor's attention is negatively correlated with the capital occupancy rate.A lot of investors' attention can effectively improve the capital occupied by the major shareholders,which can protect the interests of small and medium investors.(2)Investor interest can influence the cash dividend issuance of listed companies,and the investor's attention is positively correlated with the dividend per share,that is,the large amount of investor attention can effectively improve the enterprise's non-dividend,the big shareholders will not be the business results And small and medium investors to share the phenomenon,in terms of cash dividends,investor interest on the interests of small and medium investors have a positive impact.