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1、AbstractWiththecontinuousdevelopmentoftheglobalcapitalmarket,institutionalinvestorsarealsorapidgrowth,theygraduallybecomeimportantinvestorsincapitalmarketofourcountry.Theproportionofinstitutionalinvestorsholdingincreasedbringsitsownmorediscourserightinholding
2、companies,toputforwardopinionsonthecompany'sdividendpolicy.Thisarticlemainlydiscussestheinstitutionalinvestorsholdingratioaffectthelevelofdividendpayments,checkwhetherinstitutionalinvestorstoperformthe"shareholderactivism",supervisethelistedcompany'sdividendp
3、aymentlevelsandparticipateinthedevelopmentofdividendpaymentpolicy.Theinnovationofthisarticleistostockdividendintothestudy,previousscholarsonlyresearchinstitutionalinvestorsholdingimpactonthelevelofcashdividendpayment,inthispaper,basedonitalsostudytheinstituti
4、onalinvestorshareholdingimpactonthelevelofstockdividendpayments.Firstofall,thefactorsaffectingthelevelofdividendpaymentandtheimpactofinstitutionalinvestorsonthelevelofdividendpaymentwassummarized,theexistingliteratureidentifiedinthispaper.Sotheauthordetermine
5、stheresearchdirectionandthevariableselection.Thenthispaperstatesrelevanttheories,andtheinstitutionalinvestorsholdingratioaffectthelevelofdividendpaymentstotheoreticalanalysis,revealstheinstitutionalinvestorshareholdingproportioneffecttothelevelofdividendpayme
6、nts,getthehypothesisofthisarticle,whichlaidatheoreticalfoundationfortheempiricalstudyofthisarticle.Inthispaper,thedividendisdividedintocashdividendandstockdividendisstudiedrespectively,afterthefirststudyofinstitutionalinvestorsasawhole,andtostudytheinstitutio
7、nalinvestorscanbedividedintoninecategories.Becauseattheendoflastyear'sdataofinstitutionalinvestorstoinfluencethelevelofdividendpayments,soinstitutionalinvestorsintheempiricaldatafrom2010~2012,otherdataselectedfrom2011~2013istograntcashdividendandstockdividend
8、ofa-sharelistedcompanies.Themodelchoosesmultiplelinearregressionmodel,thisarticlehascarriedoncorrelationtestandmultiplelinearregressionanalysis.IVThispaperarguesthattheoverallinstitutiona
