机构投资者持股对上市公司股利政策的影响研究

发布时间：2018-05-24 02:03

本文选题：机构投资者 + 股利政策　；参考：《华南理工大学》2012年硕士论文

【摘要】：随着我国资本市场的快速发展，其结构也在发生着巨大变化，机构投资者逐渐成为资本市场最重要的组成部分，我国的资本市场也逐步跨入了机构投资者时代。国外的研究表明，机构投资者的发展壮大有利于资本市场稳定、健康发展，有利于上市公司治理的改善和业绩的提升。因此，系统的研究机构投资者对上市公司治理的作用效力，将日益成为实务界和理论界关注的重点。作为上市公司重要的外部治理主体，机构投资者的快速发展为上市公司治理机制的健全和有效实施提供了新的途径。因此，研究不同类型机构投资者对公司股利政策的影响，，对于完善公司治理结构框架、改善上市公司股利政策等具有重要的理论和实践意义。根据自由现金流量、代理成本和利益输送理论，本文从现金股利政策的角度来研究机构投资者参与上市公司治理的动机和作用效力等情况。本文选取了2008年-2010年我国所有A股非金融类上市公司的数据，在经过相关处理后，构建了Logit模型和多元回归模型进行统计回归分析。本文发现，随着我国机构投资者整体持股比例的增加，上市公司派发现金股利的概率和水平都会提高；然而在一股独大和异常派现的上市公司中，机构投资者并没有表现出应有的股东积极主义；但总体而言，随着机构投资者的不断发展，其开始表现出对大股东侵占中小股东利益的不满倾向。为了更深入了解机构投资者对上市公司股利政策的影响，本文根据机构投资者持股比例、持股期限及是否与上市公司之间存在商业关系将机构投资者划分为积极机构投资者和消极机构投资者。通过进一步对不同类型机构投资者与上市公司股利政策的关系进行回归分析，本文发现积极机构投资者在影响上市公司派现概率和派现水平方面比消极机构投资者发挥的作用效力更大；但是在一股独大和异常派现的上市公司中，积极机构投资者并没有发挥出比消极机构投资者更有效的监督作用；但随着机构投资者的不断发展，其开始对大股东侵占中小股东利益的行为施加积极影响。
[Abstract]:With the rapid development of China's capital market, its structure is also undergoing tremendous changes. Institutional investors have gradually become the most important part of the capital market, and our capital market has gradually stepped into the era of institutional investors. Foreign studies show that the development of institutional investors is conducive to the stable and healthy development of the capital market, the improvement of corporate governance and the improvement of performance. Therefore, systematic research on the effect of institutional investors on the governance of listed companies will increasingly become the focus of attention in the field of practice and theory. As an important external governance subject of listed companies, the rapid development of institutional investors provides a new way to improve and effectively implement the governance mechanism of listed companies. Therefore, it is of great theoretical and practical significance to study the influence of different types of institutional investors on corporate dividend policy in order to improve the framework of corporate governance structure and the dividend policy of listed companies. Based on the theory of free cash flow, agency cost and benefit transmission, this paper studies the motivation and effect of institutional investors participating in the governance of listed companies from the perspective of cash dividend policy. This paper selects the data of all non-financial A-share listed companies in China from 2008 to 2010, and constructs Logit model and multivariate regression model to carry out statistical regression analysis after relevant processing. This paper finds that the probability and level of cash dividend distribution by listed companies will increase with the increase of the overall shareholding ratio of institutional investors in China. Institutional investors do not show due shareholder activism, but overall, with the continuous development of institutional investors, they begin to show dissatisfaction with the large shareholders encroaching on the interests of minority shareholders. In order to better understand the impact of institutional investors on the dividend policy of listed companies, according to the proportion of institutional investors holding shares, Institutional investors are divided into active institutional investors and passive institutional investors. Through further regression analysis of the relationship between different types of institutional investors and dividend policy of listed companies, This paper finds that active institutional investors are more effective than negative institutional investors in influencing the payout probability and payout level of listed companies. Active institutional investors do not play a more effective supervisory role than negative institutional investors, but with the continuous development of institutional investors, they begin to exert a positive influence on the behavior of large shareholders encroaching on the interests of minority shareholders.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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