Institutional Investor Ownership And Corporate Performance

With the energetic development of the economy,institutional investors who are concerned and expected to become an important investment force in the capital market,with countries to encourage institutional investors play a positive role to promote the healthy development of the capital market stability policy bring great opportunities as well as to institutional investors to participate in the governance of listed companies has brought a lot of enthusiasm.The securities and futures commission in 2013 promulgated the listed company " regulatory guidelines no.3--cash dividends of listed companies " to guide the cash dividend distribution,then introduced a lot about cash dividend policy,but it is not a government intervention effect,such as management of power increase makes cash dividends significantly reduced or although some companies released now,but in the end benefit is big shareholders,etc.At the same time,about institutional investors to participate in the study of the governance of listed companies is also academic field research hot spot in recent years,as a result,this article from the Angle of view of the cash dividends as a intervening variable,based on the heterogeneity of institutional investors at the same time,probe whether institutional investors participating in corporate governance by means of a cash dividend factors affecting enterprise performance.At first,this paper sorts out the relevant research results at home and abroad,and expounds the theoretical basis of this paper.Secondly,the main research variables involved in the paper are explained,the theoretical basis adopted in this paper is enumerated,and the hypothesis and research model suitable for this paper are established through the support of theoretical analysis.Thirdly,the data of listed companies on the main board of China from 2014 to 2018 were selected as the research sample to discuss the impact of institutional investors' shareholding on corporate performance,the impact of institutional investors' shareholding on cash dividend,and the impact of cash dividend on corporate performance.Moreover,cash dividend was used as an intermediary variable to explore whether it was the path affecting institutional investors and corporate performance.The final research results show that: first,overall shareholding by institutional investors and shareholding by pressure-resistant institutional investors can effectively improve corporateperformance,while shareholding by pressure-sensitive institutional investors cannot.Secondly,the shareholding of institutional investors has a positive impact on cash dividends.Compared with pressure-sensitive institutional investors,the shareholding of pressure-resistant institutional investors has a more significant positive impact on cash dividends.Thirdly,the payment of cash dividends can improve corporate performance.Finally,after the mediation effect of the process of inspection,the cash dividend overall shares to institutional investors,pressure resistance,institutional investors holding and the path the intervening variable between enterprise performance,and give play to the role of partial mediation,but cash dividend in pressure sensitive institutional investors holding there is no intermediary role effect on corporate performance.According to the paper's research results,summarizes the relevant institutional investors in corporate governance proposals and problems that should be paid attention,at the same time to pay attention to its influence on cash dividend and enterprise performance,this article research is better for institutional investors to participate in the governance of listed companies,the appropriate cash dividend policy,it has reference significance to improve enterprise performance.