Institutional Investors Heterogeneity,Expiration Of Share Lockups And Dividend Allocation Behavior

As one of the important contents of financial decision-making of listed companies,dividend distribution has always been a hot issue in academia.Reasonable dividend distribution behavior not only reflects the real operation status of the company,but also stimulates investors’ enthusiasm for investment,which helps the company raise more funds to promote its benign cycle of operation.There are four payment methods: non dividend,cash dividend,stock dividend and mixed dividend.At present,the phenomenon of non dividend distribution of Listed Companies in China has been alleviated,but abuse of dividend distribution occurs frequently,even excessive distribution,which will restrict the sustainable development of the company and even disturb the capital market system.At the same time,since 1990 s,with the growth of institutional investors,institutional investors have become more heterogeneous,and their motivation for participating in corporate governance and supervision is different.Therefore,in order to rationalize the dividend distribution behavior of listed companies and the steady development of capital market,it is necessary to explore the influence of heterogeneity of institutional investors on dividend distribution behavior.In order to further study the influence of institutional investor heterogeneity on dividend distribution behavior and the regulatory effect of the company’s deregulation of restricted shares,this paper selects Shenzhen and Shanghai A-share listed companies as the research object,and collects 12905 observations.This paper first makes reasonable assumptions by theoretical derivation,and then builds multi classification logit and multiple linear regression models to verify the research hypothesis by using Gasper and luofuyan institutional investors as reference.The results show that: institutional investors of investment model will promote the company to implement stock dividends and mixed dividends,thus attracting irrational investment behavior of small and medium-sized investors,so as to realize the short-term speculative income of institutional investors;Further research finds that the occurrence of the ban will aggravate the phenomenon that speculative institutions seek their own interests through dividend distribution,that is,the lifting of restricted shares plays a regulatory effect.According to the above empirical research conclusions,this paper proposes to strengthen the supervision of government departments on institutional investors and the construction of institutional investors’ sense of social responsibility,not only to highlight the long-term value investment orientation of institutional investors,but also to crack down on insider trading and inhibit institutional investors’ investment behavior.In addition,this paper suggests that the company should make reasonable dividend distribution behavior according to the operating conditions to prevent the sharp rise and fall of stock price from damaging the company’s reputation and disturbing the operation order of capital market.