机构投资者异质性的上市公司股利政策研究

 本文从现金股利政策的角度来研究机构投资者的投资行为和参与上市公司治理的情况。首先回顾了该方面的相关文献，以信号理论为基础，分析机构投资者与现金股利政策可能存在的关系；接着对机构投资者的基本特征以及我国机构投资者和上市公司现金股利政策的概况及特点进行了总结；最后本文以 2007至2010 年的机构投资者持股数据与上市公司现金股利政策数据进行统计分析、回归分析，实证检验了机构投资者异质性与上市公司股利政策之间的关系。

Research on the Interaction between Institutional Investors and Corporate Dividend Policy

From the Angle of the cash dividend policy, this paper researches investment behaviors of institutional investors and participation in the governance of listed company. Firstly, we review the literature, analyzes the possible relations between institutional investors and cash dividend policy using the signal theory as a foundation; Then, the basic characteristics of institutional investors and the general situation of cash dividend policy of listed companies are summarized; Finally, based on the data of institutional shares with the listed company and cash dividend policy from 2007 to 2010, we empirically analyze the relationship between the heterogeneity of institutional investors and cash dividend policy of listed companies through statistical analysis and regression analysis.