中国机构投资者持股与上市公司现金股利政策关系研究.pdf

Logit . I Abstract This paper starts from the payout policy,which is one of the most important areas of the finacial management. We study their investment behavior and their participation of the corporate governace in the listed companies by the view of the cash dividend policy. First, we elaborate the theories to explain the possible relation betweent the institutional investors and cash dividend policy and conclude the pertinent research finding from home and abroad.Then, we sum up the current situation and basic features of the China’s institutional investors and the cash dividend policy. Finally, we apply the empirical data after the beginning of the Stock-splitting Revolution to the Logit and regression models to examinate their relation and get some corresponding conclusions. We get these main empirical conclusions as follow the institutional holding of the cash dividend paying firms is evidently higher than the non-paying firms; the cash dividend of the institutional holding firms is evidently high