Research On The Impact Of Institutional Investors' Shareholding On The Group Effect Of The Company's Dividend Policy

As one of the three major financial decisions of the company,dividend policy is related to the vital interests of all stakeholders of the company,so it has been concerned by shareholders,investors,creditors and government regulators.Under the condition of immature market development,managers often choose the dividend policy that all parties are willing to accept under the condition of taking into account the maximization of their own interests,the maximization of shareholders' wealth and other stakeholders' no loss.At this time,following the behavior of other companies or the market average level becomes a more stable choice.Previous studies have shown that the dividend policy of Listed Companies in China will be significantly affected by the dividend policy of peer companies,that is,there is the same group effect of dividend policy.In addition,with the development of institutional investors,the role of institutional investors in the company continues to strengthen,in-depth analysis of the role and impact of institutional investors on corporate behavior has increasingly become an important topic of theoretical and practical circles.So,will institutional investors,who have a significant impact on listed companies,affect the conglomeration effect of the company's dividend policy,and how will they affect the conglomeration effect of the company's dividend policy? Based on this,this paper discusses.Taking Tahoe Group Co.,Ltd.as an example,this paper analyzes the internal mechanism of institutional investors' shareholding influencing the conglomeration effect of dividend policy.From the perspective of corporate governance,information transmission and principal-agent,this paper analyzes how institutional investors affect the conglomeration effect in corporate dividend policy.The results show that institutional investors play an active role in controlling managers' behavior,reducing information asymmetry,and alleviating principal-agent problems,so that listed companies can make reasonable dividend policy according to their own situation,and effectively reduce the group effect of corporate dividend policy.This paper is conducive to a deeper understanding of the same group effect and the impact of institutional investors' Shareholding on listed companies.This paper complements the research on conglomeration effect and expands the research on the role of institutional investors in companies.It provides suggestions for listed companies to formulate reasonable dividend policies and give full play to the role of institutional investors.