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Research on Institutional Stockholdings’ Impact on Investor Protection

Author: ShuaiXing
Tutor: HeJianGuo
School: Chongqing University of Technology
Course: Accounting
Keywords: Institutional investors Major shareholders Of minority shareholders Investor Protection
CLC: F224
Type: Master's thesis
Year: 2010
Downloads: 98
Quote: 1
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Abstract


The protection of the interests of investors is the cornerstone of the healthy development of the securities market. The serious large shareholder expropriation of minority shareholders interests of listed companies in China, the shareholding structure of state-owned shares \Western countries shareholder activism practice shows that institutional investors holding help to resolve the conflict of interest between large shareholders and minority shareholders. From 2000, China Securities Regulatory Commission proposed \In view of the important position occupied by the securities investment funds in China's institutional investors, securities investment fund holdings as representative of the equity division 2006-2009 years after the completion of the merger reform and China's Shanghai A-share manufacturing listed companies as samples Research Inst. Protection of small investors. Sample is divided into two samples of the fund's holdings of listed companies and not the Fund's holdings of listed companies, comparing descriptive statistics, independent sample mean, regression analysis, main business profit margins, the dividend per share investors holding for investors and super powers were present amount of the dependent variable, the proportion of the fund's holdings as independent variables, the size of the company, the stake of the controlling shareholder, the nature of equity and annual asset-liability ratio as the control variable, research institutions interest in the impact of protection. Affect the interests of investors in our study of institutional investors through cash dividends, the sample is divided into normal circumstances, the cash dividend payment of cash dividends and non-normal circumstances the payment of the two cases, on this basis, the fund holdings. holdings affect the protection of investors' interests and not the fund's holdings of the two samples is studied. The empirical results show that: the stake of China's securities investment funds and the performance of listed companies has a significant positive correlation. This indicates that the securities investment funds through shareholding to participate in the governance of listed companies, and the higher the stake, the governance performance of listed companies, the better, so that the protection of investors' interests, the better. Securities Investment Fund Ownership and Firm \This indicates that the listed companies there are malicious faction now acts conspired with major shareholders, institutional investors, there may be a \Innovation may in this paper is that: First, investor interest in the study of institutional investors impact protection, most of the scholars from the information disclosure and corporate performance study. In this paper, a combination of the results of previous studies, research from cash dividends and corporate performance, and more fully reflect the impact of institutional investors on the protection of the interests of investors. Second, in previous studies cash dividend of model, scholars did not distinguish between the normal cash dividends and non-normal cash dividends both cases, cash bonus on the protection of the interests of investors. The sample is divided into normal circumstances, cash dividends and cash dividends of non-normal case, on this basis, to study the impact of institutional ownership for the protection of investors' interests, so that the more rigorous and more comprehensive results.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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