基于2014—2019年沪深A股上市公司的面板数据，探究机构投资者异质性与公司股利分配行为的关系，以及限售股解禁在机构投资者异质性影响公司股利分配行为过程中的调节效应。实证结果发现：机构投资者异质性对公司股利分配行为产生显著影响，即衡量机构投资者投机性指标的股票加权流失率每提高1个单位，促使公司实施股票股利和混合股利的概率对数相应增加86.1%和85.4%；机构投资者异质性对上市公司选择混合股利的影响相较于股票股利没有显著性差异；限售股解禁事项的发生会加剧投机型机构者通过混合股利和高比例股票股利谋取自身利益的现象，即限售股解禁发挥了调节效应。

Based on the panel data of Shanghai and Shenzhen A-share listed companies from 2014 to 2019, this paper explores the relationship between the institutional investors’ heterogeneity and the corporate dividend distribution behavior and the moderating effects of restricted stock circulation in the process of institutional investors’ heterogeneity affecting the companies’ dividend allocation behavior. The empirical results show that the heterogeneity of institutional investors has a significant impact on the corporate dividend distribution; i.e., every increase in the weighted stock loss rate , a measure of the institutional investors’ speculative index, leads to a corresponding increase of 86.1% and 85.4% in the logarithm of the probability of implementing stock dividends and mixed dividends. The heterogeneity of institutional investors has no significant effect on the choice of mixed dividend compared with stock dividend, and the restricted stock stock circulation will aggravate the situation of speculative institutions’ seeking their own interests through mixed dividends and high proportion of stock dividends; namely, the restricted stock circulation produces a marked effect.

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