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本文主要基于现金股利视角,来考察机构投资者能否发挥相应的监督治理效应来维护中小投资者的股东权益。机构投资者在一定程度上通过积极参与公司治理,不仅能够提高公司业绩,间接保护中小投资者的权益,而且能够促使公司发放现金股利,同时限制现金股利的发水平,防止大股东利用派现侵害中小投资者的股东权益,使中小投资者共享成果,直接保护中小投资者的权益。
Based on the cash dividend perspective, this paper investigates whether institutional investors can exert the corresponding supervisory and regulatory effects to protect the shareholders’ rights and interests of small and medium-sized investors. To a certain extent, institutional investors can not only improve corporate performance, indirectly protect the rights and interests of small and medium-sized investors, but also enable them to issue cash dividends while limiting the level of cash dividends and preventing large shareholders from using infringements The shareholders’ rights and interests of small and medium-sized investors enable small and medium-sized investors to share their achievements and directly protect the rights and interests of small and medium-sized investors.