Research On The Impact Of Major Shareholders And Institutional Investors On Cash Dividend Of Listed Companies

Cash dividends are an important indicator reflecting the business status of a listed company.It directly reflects the cash dividend income that investors can obtain from a listed company's stock.It is also an important indicator that investors can refer to when making investment decisions.Since 2008,the cash dividend ratio has become one of the main concerns of China's capital market and listed company governance.The CSRC also paid a lot of attention to this object and issued a series of regulations.For example,in 2008,many decisions related to cash dividends of listed companies were issued.In 2012,some notices on cash dividends of listed companies were issued,aiming to make China Listed companies value cash dividends and value the interests of investors.At present,many scholars have analyzed the influencing factors of cash dividends of listed companies from many different perspectives.This paper will start from the two influencing factors of major shareholders and institutional investors,and explore the impact of the two on the cash dividends of listed companies.The conclusions of this paper will provide an effective way to find the major influence of major shareholders and institutional investors on cash dividends.Theoretical support and empirical evidence.This article strives to gain a clear understanding of the following aspects:(1)Under the influence of shareholders and institutional investors,what changes will occur in the cash dividends of listed companies and who will play a key role;(2)classify listed companies,test the right Whether different industries(refer to China's industry division)and different companies(state-owned and non-state-owned)listed companies,the impact of major shareholders and institutional investors on their cash dividends are different;(3)reference to the status quo of China's regional economic development To compare the cash dividends of listed companies in the East and West,and to explore the impact mechanism of major shareholders and institutional investors on the cash dividends of listed companies in different regional economic environments.This paper will conduct an empirical analysis of the degree of influence of major shareholders and institutional investors of listed companies.The empirical methods in this paper are least squares and panel quantile regression.Quantify the two to see how it affects cash.Compare the degree of influence of major shareholders and institutional investors,and analyze why they have an impact.This paper will also analyze the impact of major shareholders and institutional investors on the differences in corporate nature and regional differences.A large number of sample experiences show that:(1)The first major shareholder has a positive effect on the cash dividends of listed companies.When otherinfluencing factors are introduced,the impact is not significant.(2)Institutional investors will have a positive effect on cash dividends of listed companies.When other factors are introduced,the impact is still significant.(3)In the analysis of the factors affecting cash dividends,the impact of institutional investors on cash dividends is much higher than that of major shareholders,indicating that institutional investors' behavior will have a greater impact on cash dividends.(4)Through the panel quantile regression,the higher the proportion of cash dividends,the greater the role of controlling shareholders and institutional investors.