Research On The Influence Of The Shareholding Ratio Of Institutional Investors On The High-Split Of Listed Companies

In recent years,Chinese investors are keen on the “High-Split” concept stocks of listed companies.In 2016,the share transfer rate of Qianjing Garden reached 15 shares per 10 shares,and Zhongzhu Medical Company even reached 18 shares per 10 shares.Although,the "high transfer" has no effect on the interests of listed companies and related investors on theory,but it is sought after by investors.As a result,once the dividend policy of "high transfer" is announced,the stock price of the company will rise sharply.There have been many incidents in which major shareholders and senior executives used this phenomenon to transfer interests,which seriously damaged the interests of small and medium-sized investors in listed companies.Although the regulatory authorities continue to strengthen supervision,this phenomenon has been repeatedly prohibited.The reasons for this are mainly due to the lack of supervision of the capital market and the irrational investment of the small and medium-sized investors in the Chinese market.China's regulatory authorities continue to carry out institutional reforms while also vigorously developing institutional investors as external regulators.Due to its own financial advantages and professionalism,it can more effectively regulate listed companies.Today,with the continuous development of the world economy,China's capital market has also developed rapidly.The importance of institutional investors as a member of the capital market is constantly increasing.The regulators are vigorously developing institutional investors mainly because the regulators hope that they can to be representatives of small and medium-sized investors,compete with major shareholders as important shareholders of listed companies,protect the interests of small and medium-sized investors,exercise their own rights,actively supervise listed companies,reduce the occurrence of similar phenomenons,and maintain market stability.However,because the fundamental purpose of institutional investors is to make profits,some institutional investors may frequently trade stocks in order to maximize their own interests,affecting the stability of the board of directors of listed companies,or even colluding with large shareholders,harming the interests of small and medium-sized investors.Therefore,the perception of institutional investors can not be generalized,and need to be divided.This paper takes all listed companies from 2013 to 2017 as the research object,combines the heterogeneity of institutional investors,uses the principal component analysis method to classify institutional investors into active institutional investors and negative institutional investors.From the perspective of different types of institutional investors,this paper studies the relationship between institutional investors and "high transfer" behavior of listed companies,and studies institutional investment.The relationship between "high transfer" and "high transfer" of listed companies.The research finds that the dividend policy of "high transfer" of Listed Companies in the previous year is positively related to the proportion of institutional investors in the next year;the proportion of active institutional investors can effectively restrain the "high transfer" behavior of listed companies,while the proportion of negative institutional investors can not be effectively regulated,and on the contrary,it promotes the high proportion of listed companies to transfer shares.