关键词: 机构投资者, 异质性, 股利政策

Abstract: 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.

Key words: Institutional Investors, Heterogeneity, Dividend Policy