Institutional Investors' Corporate Site Visits,Cash Dividends And Corporate Performance

In 1997,the promulgation of the interim measures on the management of securities investment funds,the first national fund management regulation,marked the formal entry of institutional investors into China's capital market.After more than 20 years of exploration and development,the scale of institutional investors has been rapidly expanding.By the end of the second quarter of 2019,the stock market value of domestic professional institutional investors was 6.56 trillion yuan,accounting for 14.84% of the total a-share market value,which has become an important part of China's securities market.Compared with individual investors with uneven ability and low capital,institutional investors have considerable capital scale,keen industry information capture ability and professional information processing and analysis personnel.As institutional investors in China's capital market size and influence of the rising,in the beginning of the theory of shareholder activism and information demand under the background of the institutional investors of listed companies to carry out research activities,and in the process,whether to participate in corporate governance,improve the operating and supervision company management decision-making has attracted extensive attention of scholars.Based on the principal-agent theory,asymmetric information theory,the shareholder activism and free cash flow theory,this paper analyzes the influence of institutional investors' corporate site visits on corporate cash dividends,and further analyzes the positive effect of institutional investors' corporate site visits on corporate performance,as well as the mediating role of cash dividends in this process.This paper is divided into five chapters.The first chapter introduces the research background and significance of this paper,and then reviews and summarizes the domestic and foreign literature from three aspects: institutional investors' corporate site visits,cash dividends and corporate performance,and then puts forward the research ideas,research methods and possible research innovations and characteristics of this paper.The second chapter introduces the definition of related concepts and the theory involved in the research.this paper defines the concepts of institutional investors' corporate site visits,cash dividends and corporate performance discussed by combining the viewpoints of predecessors,andexpounds the principal-agent theory,information asymmetry theory,free cash flow theory and shareholder activism theory involved in the theoretical analysis of this paper.Based on the content of the former two parts,the third chapter puts forward the theoretical analysis and research hypothesis.This paper mainly discusses the possible impact of institutional investors' corporate site visits on corporate cash dividends and corporate performance,and further explores the possible mechanism of cash dividend in the process of institutional investors' corporate site visits affecting corporate performance,and finally proposes the research hypothesis of this paper based on theoretical analysis.Finally,the research hypothesis of this paper is put forward based on the theoretical analysis results.In the fourth chapter is the empirical analysis part,based on the shenzhen stock exchange in 2013-2018 of 5777 listed companies as the observed value,using the multiple regression method to study assumes that the empirical test,this paper preliminarily verified in this paper,research hypothesis,and then in the robustness test of the endogenous inspection and expand the scope of research by institutional investors,further data to verify the robustness,raised in this paper,the credibility of the empirical test results and persuasive.The fifth chapter mainly summarizes the research conclusions of this paper,puts forward policy Suggestions and research shortcomings and prospects.Through the analysis of empirical results,this paper can draw a conclusion:(1)there is a significant positive correlation between institutional investors' corporate site visits and cash dividends,which is manifested in the fact that institutional investors' corporate site visits significantly improves the cash dividends intention and payment level of listed companies;(2)there is a significant positive correlation between institutional investors' corporate site visits and corporate performance.Institutional investors' corporate site visits has a positive effect on corporate performance.(3)the cash dividends plays part of the mediating role in the process of institutional investors' corporate site visits affecting corporate performance.This paper enriches the literature on the economic consequences of institutional investor field research,expands the research on the factors affecting cash dividends and corporate performance,provides empirical evidence for how institutional investors participate in corporate governance,and provides a practical basis for us to further understand how institutional investors field research plays a role in corporate governance.