机构投资者对现金股利政策的影响

发布时间：2018-01-04 14:20

本文关键词：机构投资者对现金股利政策的影响　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：我国经济高速发展了30多年,在这过程中国民积累了大量的财富。这些财富迫切的需要进行管理,以实现资产的保值增值。社会也需要专业投资者将这些资金有效分配,促进经济的发展。机构投资者作为财富管理的重要投资主体,将在资本市场中发挥越来越重要的作用。我国股票市场具有以下特点：第一、股票市场是资本市场的重要构成部分,股票市场成立以来,上市公司在A股的融资额稳步上升,近三年来股票市场年平均融资额达到了5000亿以上,为企业的投资和发展提供了宝贵的资金,促进了我国经济社会的发展。第二、我国股票市场投资者收益和风险不匹配。作者统计后发现,2007-2011年,股票市场实际的整体收益率估计只有4%。不到一年期定期银行存款累计收益的一半。不同的投资者获得的收益也不一样。公司的原始股东获股成本一般比较低,在大小非解禁后,他们通过减持抛售股票可以获得大量利润；内部人通过内幕交易,提前获得关于公司的重大信息,低位买入后再高位卖出,也获利不少。对普通投资者来说,大面积亏损是很正常的。但作为一个投资市场,如果投资者风险和收益不能匹配,迟早只会受到投资者的抛弃。第三、现金分红将越来越得到重视。上市公司对股东的回报最终体现在现金红利上。股票市场要健康发展,必须加强对股东的回报。第四、机构投资者作为投资者的重要代表,将在实现资金有效分配,促进股票市场健康发展,增加股东的回报率方面发挥重要作用。因此,作者认为研究机构投资者与现金股利之间的关系是一个值得研究的课题。股利政策作为公司三大基本政策(投资、融资、股利)之一,一直就是经济学者讨论较多的话题,很多学者从股东,投资者,资本市场的效率等各个角度对股利政策作了很多的理论分析。有影响的有MM理论,代理成本理论,信号传递理论、一鸟在手理论,以及近年兴起的生命周期理论。MM理论认为公司值与股利政策无关,代理成本理论认为公司股东和管理层之间是委托---代理关系,股东(委托人)拥有公司的所有权,委托公司管理层(代理人)对公司进行管理,由于委托人和代理人之间存在信息不对称,双方各自追求自己利益最大化,便产生了代理问题。其中,逆向选择指代理人会隐瞒一些公司的负面信息；道德风险指代理人利用委托人赋予自己的权利和职能,通过拓宽自己拥有的资源,如为自己提供奢侈的生活与工作条件、盲目投资等途径而侵占委托人的利益。代理成本理论认为通过现金分红,.减少公司净现金流量可以减少代理成本。一鸟在手理论即指“双鸟”在林不如“一鸟”在手。相比起那些具有不确定性的公司的自由现金流(双鸟),虽然能够用其进行再投资,从而带给投资者更为丰厚的报酬,但投资者更喜欢实实在在的利益,即能够被稳稳握在手上的股利(一鸟)。生命周期理论认为,当企业处在成长期时,企业不应该分红,而将利润用于投资可以取得更好的盈利,企业进入成熟期后,企业应该加大分红,回报投资者。机构投资者对公司的影响主要有股东积极主义和效率监督假说。主要思想是为了保证机构投资者自身的资金安全,机构投资者不会满足于仅仅投资股票获利的方式,还会行使股东权利。主动参与公司的治理,通过股东大会主动参与公司各项重大经营政策,股利政策的表决。如果投资者认为公司投资策略和机构资者意见不一致时,投资者会选择用脚投票,卖出公司的股票。投资其实就是一种风险管理,投资者根据自己的承受水平承担风险,并获得相应的补偿。股票本身并没有期限,投资者的回报取决于公司未来利润,公司未来能够获利是不确定的。在破产清算时,股东的求偿权也低于债券,这说明股票的风险是大于债券的,合理的股票市场应该给投资者提供大于购买债券的回报,才能够给投资者合理的风险补偿。在A股市场上,我国普通投资者的大面积亏损。而这些年来我国经济高速增长,能够上市公司一般是行业内比较优秀的企业,这此公司的利润率增速大部分都大于行业的增速,也大于经济增速,在上市公司业绩如此良好的情况下,投资者作为公司的股东,从法律意义上拥有公司的所有权,公司的收益也就是股东的收益,可是为何投资者却还是亏损的呢? 投资者购买股票获取利润的最终来源是现金红利。本文从机构投资者的角度出发,分析机构投资者为了实现资金的保值增值,如何影响上市公司红利政策。上市公司将现金股利用盈利项目的投资是适当的,但如果公司管理层将公司利润通过低息存入银行或投资低利润项目等其它手段转移利润,将降低公司的价值,损害投资者的利益。通过实证,.我们得到的结论为：机构投资者比例的增加,能提高上市公司的现金分红概率。通过现金分红能减少代理成本,提前获得一部分资金后,投资者也能减少投入资金的久期,进而减少风险。更进一步地,我们发现机构投资者持股比例对现金分红水平影响不大,这是因为机构投资者是理性的,会支持公司合理的投资活动,在我国处理在经济高速发展期,企业存在较大发展空间的情况下,并不会要求公司将尽量多的利润用来分红。现金股利支付率较高的公司也不能作为公司盈利良好的信号。因为机构投资者有较为完善的研究体系,监管部门也规定了严格的信息披露制度,机构投资者会从公司的长期发展能力判断公司价值。最后,作者认为,要保持股票市场的健康发展,需要各方面的努力：(1)机构投资者要努力成为价值发现者。这需要机资投资者更加细致的调研和更加理性的投资。(2)上市公司应该加强对投资者的回报,股东才是公司的真正拥有者,有权利享受到公司增长的全部收益。股东在购买公司股票时承担了较高的风险,只有在获得足够的风险补偿时才会对股票市场有信心。否则,若A股市场继续只重融资,轻回报,迟早会被投资者抛弃。(3)监管部门要加大监管力度,维护市场的健康发展。监管部门一方面要控制股票内资金的流入流出。流入是指新开股票帐户所带来的资金；流出是指退出投资的股票帐户和上市公司IPO和再融资。另一方面,也有下大力气,提高A股市场的投资价值。建立退市制度,让业绩差的公司退出A股市场,还要完善信息披露制度,打击内幕交易,充分保护投资者的利益。
[Abstract]:China's rapid economic development for 30 years, in the process of Chinese people accumulated wealth. This wealth management is urgently needed, in order to achieve the value of the assets. The society also need professional investors, these funds will be allocated effectively to promote economic development. Institutional investors as an important investment in the main body of wealth management, will play a role more and more important in the capital market. China's stock market has the following characteristics:
First, the stock market is an important part of capital market, since the establishment of the stock market, A shares of listed companies has been steadily rising in the amount of financing over the past three years the stock market average annual amount of financing reached more than 500 billion, providing valuable funds for investment and development of enterprises, promote economic and social development in China.
Second, China's stock market investors' benefits and risks do not match. The author found that 2007-2011 years after the statistics, the actual stock market overall revenue rate estimation is only 4%. less than half a year time deposits accumulated earnings. Different investor gains are not the same. The company's original shareholders received shares cost comparison low in the size of non lifting of the ban, they can get a lot of profit to sell shares through reduction; internal through insider trading, to obtain important information about the company in advance, and then buy low sell high, also a lot of profit. For ordinary investors, large losses is normal. But as an investment market. If investors cannot match the risks and benefits, sooner or later will only by investors away.
Third, cash dividends will be paid more and more attention. The return of listed companies to shareholders is ultimately reflected in cash dividends. If stock market wants to develop healthfully, we must strengthen shareholder returns.
Fourth, institutional investors, as an important representative of investors, will play an important role in achieving effective allocation of funds, promoting healthy development of stock market and increasing shareholder's return rate.
Therefore, the author believes that the relationship between the investors and the cash dividend research institutions is a topic worthy of study. Dividend policy as the three basic policies (investment, financing, dividend) has been one of the most controversial topics of economic scholars, many scholars from the shareholders, investors, the capital market efficiency of each angle are analyzed many theories on dividend policy. The influential MM theory, agency cost theory, signaling theory, a bird in the hand theory, life cycle theory and.MM theory in recent years that the company is independent of the value and dividend policy, agency cost theory between shareholders and managers is principal-agent relation, the shareholders (the principal who has the ownership of the company.) the company commissioned management (agent) to manage the company, due to the existence of information asymmetry between the principal and the agent said, their pursuit of their own To maximize the benefits, will cause the proxy problem. Among them, the negative information agent will conceal some of the company's adverse selection; moral hazard refers to the client agent given their rights and functions, by broadening their own resources, such as to provide their own luxury living and working conditions, blind investment and occupation of principal way the interests of the people. The theory of agency cost through cash dividends, reduce net cash flow. The company can reduce the agency cost. A bird in the hand theory refers to "double bird" in the Bush "a bird in the hand". Compared with those with free cash flow, the uncertainty (two birds), although it can with the re investment, so as to give investors more lucrative rewards, but investors love more tangible benefits, which can be firmly held in the hands of the dividend (a bird). When the enterprise life cycle theory. In the growth stage, enterprises should not pay dividends, and profits can be used for investment to make better profits. After entering the mature stage, enterprises should increase dividends and repay investors.
The influence of institutional investors on the company's major shareholder activism and supervision efficiency hypothesis. The main idea is to ensure the safety of funds institutional investors, institutional investors would not be satisfied merely to stock investment profit, but also to exercise the rights of shareholders to actively participate in the governance. The company involved in the company of the major business policy initiative by the general assembly of shareholders, dividend the policy of the vote. If investors believe that the company's investment strategy and institutional investors disagree, investors will choose to vote with their feet, sell the shares of the company.
Investment is a kind of risk management, investors according to their risk tolerance level, and obtain the corresponding compensation. The stock itself does not limit, investors return depends on the company's future profit, the company's future profit is uncertain. In bankruptcy liquidation, the right of shareholders is also lower than that of the stock bond. The risk is greater than the bond, the stock market should be reasonable to provide investors with more than buying bonds in return, can give investors a reasonable risk compensation.
In the A stock market, large losses of ordinary investors in China. These years, China's rapid economic growth, which listed companies are generally more outstanding enterprises in the industry, this is the company's profit growth rate than most industry growth rate is greater than the economic growth, the performance of Listed Companies in such good condition as investors, the shareholders of the company, from a legal sense has the ownership of the company, the company's revenue also returns to shareholders, but why investors or loss?
The ultimate source of investors to buy shares of profit is the cash dividend. This paper from the perspective of institutional investors, analysis of institutional investors in order to realize the value of funds, how to influence the dividend policy of listed companies. The listed companies will use cash dividend profit project investment is appropriate, but if the management of the company will profit through low interest bank or low investment profit project and other means of transferring profits, will reduce the value of the company, damage to the interests of investors.
Through the empirical study, we get the conclusion: increase the proportion of institutional investors, can increase the probability of cash dividends of listed companies. The cash dividend can reduce agency cost, receive a portion of funds in advance, investors can also reduce investment duration, thereby reducing the risk. Further, we found that the proportion of institutional investors have little effect on the level of cash dividends, this is because institutional investors are rational, will support the company's rational investment activities in China in the period of rapid economic growth, enterprises there is a big development space, and does not require the company will profit as much as possible to pay dividends. The cash dividend payment rate is higher, also cannot as a good corporate earnings signal. Because institutional investors have a relatively complete research system, regulatory authorities also set strict information disclosure system, institutional investment The company will judge the company's value from the company's long-term development ability.
Finally, the author believes that to maintain the healthy development of the stock market, we need to work: (1) institutional investors should strive to become the value found. This machine need to research more detailed and more capital investors rational investment. (2) listed companies should strengthen the investment of the shareholders is the company's return. The real owners have the right to enjoy all the benefits of company growth. Shareholders bear a higher risk in the purchase of company stock, only after obtaining adequate risk compensation will have confidence in the stock market. Otherwise, if the A stock market continue to only re financing, light return, sooner or later will be abandoned by investors (3). Supervision departments should intensify supervision, maintain the healthy development of the market. The regulatory authorities on the one hand to control the stock in the inflow and outflow of funds. The inflow refers to the new stock account funds brought; outflow refers to the withdrawal of stock investment IPO and refinancing of accounts and listed companies. On the other hand, it has great efforts to improve the investment value of A share market. Establish delisting system, let poor performance companies withdraw from the A share market, and improve information disclosure system, crack down on insider trading, and fully protect investors' interests.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F832.48

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