Research On The Influence Of The Types Of Institutional Investors On Dividend Payout Rate

As China's capital market develops and matures more and more,institutional investors play an increasing role in the A-share market,and they play a more active and effective role in the management and supervision of listed companies.A reasonable dividend distribution policy is an important part of maintaining the healthy development of the capital market.As the institutionalization process of China's capital market investors accelerates,what are the differences and effects of institutional investors' influence on the dividend distribution policies of listed companies? As the types of institutional investors are more diversified,there are various types of institutional investors in the shareholders of many listed companies,mainly Hong Kong-funded institutions,QFII foreign institutions,primary market institutions,social security funds,securities investment funds,insurance funds,etc.Different types of institutional investors have certain differences in their attitudes to risk and their respective investment models,which will lead to more obvious differences in their impact on the dividend distribution policies of listed companies.Some scholars have also done research on the institutional investor's shareholding ratio and dividend payment rate before,but there are some differences in the perspectives and conclusions.This article uses the latest sample data for research.First,we use the full sample empirical regression analysis to obtain Conclusion,and then use the Herfindahl index and the proportion of restricted stocks as sub-sample index parameters to explore the stability of the impact of different types of institutional investors on the dividend payment rate under different circumstances.After summarizing and summarizing relevant domestic and foreign literature,combining the empirical regression results of the full sample and two types of subsamples from 2013 to 2018,this paper draws the following three conclusions:(1)Based on the full sample,various types of institutional investors There is a large difference in the relationship between the shareholding ratio and the dividend payment rate;(2)Based on the Herfindahl index subsample,the difference in equity concentration will significantly affect the correlation between the overall institutional investor's shareholding ratio and the dividend payment rate.However,the attitude of a single institutional investor to the dividend payment rate has not changed much.(3)Based on the sample of restricted stock ratios,the proportion of restricted stocks will significantly affect the overall institutional investor's shareholding ratio and dividends.The relationship between the payment rate,but the relationship between the shareholding of a single institutional investor and the dividend payment rate has not changed much.