Research On The Influence Of Institutional Investor Heterogeneity On Cash Dividend Of Listed Companies

With the vigorous development of China's capital market,the continuous promotion of market reform,opening up and healthy development has gradually become the policy goal of the new era.Compared with foreign mature capital markets,China still has many shortcomings in investor structure,listed company supervision and market legal norms.Since the implementation of the Interim Measures for the Administration of Securities Investment Funds in China in 1997,institutional investors such as funds,QFII,social security funds and insurance have received great policy support,and the influence of institutional investors on the capital market has become increasingly important.Drawing on the mature market performance of foreign countries,institutional investors have a great influence on shareholder checks and balances,performance growth,promotion of cash dividends,suppression of investment risks,and improvement of operational efficiency in participating in corporate governance.Corresponding to the phenomenon of refinancing and light dividends of listed companies in China,it is worthwhile for us to conduct in-depth research on whether the influence of institutional investors on cash dividends can be effectively transmitted.By summarizing the literature research of institutional investors' participation in listed company governance and affecting cash dividends,this paper finds that institutional investors have differences in the willingness and path of influencing cash dividends,and institutional investors are divided into funds,QFII according to institutional differences.Social security,insurance,brokerage,trust and finance companies have delved into the differences in the impact of heterogeneous institutional investors on cash dividends.There are three main points in the innovation of the article: First,it enriches the heterogeneity of institutions based on institutional nature,clarifies the sources of differences in institutional heterogeneity affecting cash dividends;second,the unique perspective of formulating dividend policies from listed companies.Departure,clarify the main ways in which institutional investors influence cash dividends;thirdly,in combination with the company's shareholder structure,business development,financing environment and other three key factors,in-depth study of institutional investors' impact on cash dividends,and for different impacts Differences suggest corresponding recommendations.The article uses the data of listed companies in 2012-2017 to conduct an empirical study on the impact of institutional investors on cash dividends.The study found that: 1)There are differences in the impact of heterogeneous institutional investors on cash dividends.Funds,QFII,social security,insurance and entrust have a significant impact on cash dividends,and brokers and financial companies have no significant impact on cash dividends.Funds,QFIIs,social security and insurance companies promote cash dividends based on institutional investment needs and business relevance,while brokers,trusts and finance companies play a depressing role.2)For non-state-owned enterprises and companies with high equity checks and balances,institutional investors are more effective in promoting cash dividends.In the background of a tough shareholder,funds and insurance have a higher impact on cash dividends than other institutional investors.3)For companies with low profitability and low growth,the effect of institutional investors in promoting cash dividends is more significant,and participation in corporate governance is stronger and there is more room for improvement in operational efficiency.4)High financing constraints improve the role of institutional investors in promoting cash dividends.Funds,social security,broker,entrusts and financial companies all have a higher role in promoting cash dividends.5)The market's financing environment has different effects on the organization.In a tight financing environment,the fund has the strongest willingness to distribute cash dividends,while QFII,social security and insurance prefer the company to reduce cash dividends to ease the company's Operating cash requirements.In view of the differences in the impact of heterogeneous institutional investors on cash dividends,it is recommended to promote the independent development of institutional investors and strengthen the supervision of interest linkages.Continue to promote the long-term development of QFII,social security and insurance institutions,and improve institutional investors' participation in the governance path of listed companies.Encourage listed companies to implement long-term and stable cash dividend policy,and strengthen supervision of listed companies' disclosure of information quality.