Research On The Relationship Between Institutional Investors And Enterprise Performance Based On Cash Devidends Mediating Effect

Institutional investors,as an important investment force in the capital market,have received many concerns.The path of institutional investors participating in corporate governance is a hot topic in academic circles in recent years.Therefore,from the perspective of cash dividends as a mediating variable,this paper studies the hot issue of institutional investors' effect of corporate governance mechanism through the use of cash dividends to influence enterprise performance.This study has implications for changing institutional investor investment strategies,formulating appropriate cash dividend policies,and improving enterprise performance.Fistly,this paper has expounded the research background and significance,research status both at home and abroad.Then the related theory,and analyzing the related theory have provided theoretical support for this paper.Secondly,this paper has introduced the current development of institutional investors,dividend distribution and enterprise performance.Thirdly,this paper,taking a sample of 3 755 A-share listed companies in Shanghai and Shenzhen stock markets from 2014 to 2016,and using the step-by-step test method and Bootstrap method,has tested the relationship between institutional investors and the cash dividends,the relationship between institutional investors and enterprise performance,and cash dividends as a mediating variable between institutional investors and enterprise performance.Research has showed that the overall shareholdings of institutional investors of listed companies can increase the level of cash dividend payment and enhance enterprise performance.Stable institutional investors can improve cash dividend payment levels and enhance enterprise performance levels compared with transactional institutional investors.Cash dividends as a mediating variable does to the relationship between institutional investors and enterprise performance.Finally,according to the research results,this paper has put forward the corresponding countermeasures and suggestions of improving enterprise performance.