中文摘要：

以我国2008~2013年A股上市公司为研究对象,实证研究机构投资者异质性对现金分红的影响,并分析检验真实盈余管理对二者关系的中介作用。研究发现：大机构投资者持股与现金分红显著正相关,小机构投资者持股与现金分红没有显著的相关性;稳定型机构投资者比交易型机构投资者更加关注现金分红;独立型机构投资者持股与现金分红显著正相关,非独立型机构投资者持股与现金分红没有显著的相关性。进一步考虑真实盈余管理中介作用的分析表明,真实盈余管理在大机构投资者持股、稳定型机构投资者以及独立型机构投资者持股对现金分红的正向影响中起到部分中介作用。

英文摘要：

Based on A-share listed company over the period of 2008-2013, this paper makes an empirical study of the relationship between heterogeneous institutional investors and cash dividends and the mediating role played by real earnings management in the relationship between heterogeneous institutional investors and cash dividends. The results show that, large institutional investors have a sig- nificant positive correlation with cash dividends, but small institutional investors do not have a significant correlation with cash dividends ; stable institutional investors pursue cash dividends more stronger than unstable institutional investors; independent institutional investors have a significant positive correlation with cash dividends, but dependent institutional investors do not have a significant correlation with cash dividends. Moreover, considering the mediating role of real earnings management, it shows that real earnings management plays signif- icant partial intermediary roles in the relationship between large institutional investors and cash dividends, real earnings management plays significant partial intermediary role in the relationship between institutional investors stability and cash dividends, real earnings management plays significant partial intermediary role in the relationship between independent institutional investors and cash dividends.