Nature Of Property Rights,the Proportion Of Institutional Ownership And Cash Dividend Payment Level

As one of the important financial decisions of the company,cash dividend policy has always played an important role in the securities market.It is an important signal reflecting the development of the company's profitability,an important reference indicator for investors in making investment decisions,and it has a close relationship of corporate governance.Cash dividend policy is one of the most important ways to reduce the agency costs.Therefore,we should attach great importance to the company's cash dividend policy.As China's capital market continues to grow and the securities market continues to improve and develop,investors also play an important role in the securities market by actively participating in the internal governance of the company,perfecting the internal control system of the company and actively monitoring the inside of the company from outside.The state is also constantly encouraging and attaching importance to institutional investors in the securities market.With the completion of the split share structure reform,institutional investors in China continue to raise the proportion of shares held,and they also gradually have the right to speak in the securities market,and listed companies also pay more and more attention to institutional investors.So the research of the relationship between the shareholding ratio of institutional investors and cash dividend payment is very necessary.Due to China's special basic national conditions,as a socialist country,state-owned holding companies have always played an important role in the securities market,so the relationship between the nature of property rights and the level of payment of cash dividends is also very important.Some scholars have done some researches in theses domains,however,the conclusions are also inconsistent.Based on the latest data,this paper analyzes the impact of listed companies with different property rights to the level of dividend payment by sample study,and the impact of the shareholding ratio of institutional investors under different ownership to the level of cash dividend payment.The result will be more comprehensive and time-efficient.On the basis of summarizing the domestic and foreign literature review,this paper draws the following four conclusions through the empirical test of Shanghai and Shenzhen A-share listed companies from 2008 to 2016:(1)With the increase of institutional investors' shareholding ratio,the cash dividend payment level of listed companies will also increase;(2)As the payment level of cash dividend of listed companies increases,the proportion of institutional investors holding shares will also increase;(3)Compared with state-owned holding companies,private holding companies pay more attention to the role of the level of cash dividend payment and prefer to improve the reputation of the company through cash dividend policy,etc.;(4)Compared to state-holding companies,the shareholding ratio of institutional investors promotes more to the level of cash dividends in private holding companies.