机构投资者与现金股利关系的经验分析

发布时间：2018-05-06 18:19

本文选题：机构投资者 + 公司治理　；参考：《江西财经大学》2012年硕士论文

【摘要】：随着全球资本市场的发展,机构投资者在过去的三十年里也得到了迅猛的发展,他们在英、美等成熟市场国家的公司治理舞台上,无疑已经成为了公司治理的主角,在处于经济转型形势下的中国,随着资本市场的不断发展,我国以券商、基金、保险公司、社保基金、企业年金、QFII等为主的机构投资者得到了较快的发展,开始逐渐成为我国证券市场的主体,他们已经取代了个人投资者成为资本市场中主要的投资主体,同时也彻底的改变了公司的股权结构。随着机构投资者自身规模和持股规模的扩大,其在公司中的作用与地位不断上升,日益成为优化公司治理的重要因素。相对西方发达资本主义国家而言,我国证券市场不发达,市场容量相对较小,机构投资者规模也相对较小,然而在国家政策的大力支持下,我国的机构投资者也在迅速发展。从中国的机构投资者队伍的发展历程中,不难发现我国政府监管部门对于发展机构投资者的积极态度是我国机构投资者得以高速发展的重要原因。在中国证券市场上,大股东掏空上市公司侵害中小股东利益的情况时有发生,因此机构投资者往往被寄予厚望。近年来机构投资者是否对上市公司治理机制的完善产生直接或间接的积极影响?其是否通过参与公司治理来影响上市公司现金股利政策? 本文首先回顾了国内外相关的研究成果,阐述了机构投资者与现金股利政策可能产生相关关系的理论,接着对机构投资者的基本特征以及上市公司现金股利政策的概况及特点进行了总结,最后对我国股权分置改革以后的数据进行分组,选取现金持有量低且投资机会高的公司样本与现金持有量高且投资机会低的公司样本,分别建立相应的Logistic和多元回归模型进行实证考察机构投资者与现金股利的关系,得到相应的研究结论,并在这基础上提出政策建议。本文共分为七章,各章的主要内容如下：第零章为导论,主要对论文进行简要介绍,具体包括研究的背景与问题的提出、研究的框架与主要内容以及研究的改进与创新。第一章为文献综述,首先对国外关于机构投资者、现金股利以及二者关系的文章进行回顾,然后回顾了国内在机构投资者、现金股利及其二者关系的方面的文献,最后对所回顾文献做出整理和归纳。第二章对机构投资者与现金股利现阶段的发展和其特点进行分析。第三章对机构投资者与现金股利理论进行分析,包括机构投资者“股东积极主义”、代理理论、顾客理论等一系列理论进行回顾和分析。第四章对机构投资者“股东积极主义”作用机理做了分析,针对现金持有量低且投资机会高的公司中出现的管理层恶意派现行为,以及高现金持有量低投资机会的公司常常出现的代理问题,提出机构投资者对现金股利政策的积极作用,构建机构投资者与现金股利的理论模型。第五章实证分析了机构投资者对上市公司股利政策是否造成影响以及发生了什么样的作用；以2006年到2010年的A股上市公司为研究对象,对公司样本进行分组,分别检验了机构投资者在低现金持有量高投资机会公司以及在高现金持有量低投资机会公司通过参与公司治理对现金股利政策造成的影响。第六章是对论文研究成果的总结,包括研究结论与启示、研究的局限性和进一步研究的方向。本文主要研究结论有：(1)现金股利派现概率与机构投资者持股比例显著相关：在现金持有量低且投资机会高的公司中,派现概率与机构投资者呈负相关关系；(2)现金股利派现概率与机构投资者持股比例显著相关：在现金持有量高且投资机会低的公司中,派现概率与机构投资者呈正相关关系；(3)现金股利多少与机构投资者持股比例显著相关：在现金持有量低且投资机会高的公司中,现金股利多少与机构投资者呈负相关关系；(4)现金股利多少与机构投资者持股比例显著相关：在现金持有量高且投资机会低的公司中,现金股利多少与机构投资者呈正相关关系。
[Abstract]:With the development of the global capital market, institutional investors have also developed rapidly in the past thirty years. They have undoubtedly become the leading role of corporate governance on the stage of corporate governance in mature market countries such as Britain and the United States. In China under the situation of economic transformation, with the continuous development of capital market, China is based on securities dealers. The institutional investors, such as gold, insurance company, social insurance fund, enterprise annuity, QFII and so on, have developed rapidly and gradually become the main body of our securities market. They have replaced individual investors as the main investment subjects in the capital market, and have completely changed the company's ownership structure.
With the expansion of the scale of institutional investors and the size of their shareholding, their role and position in the company is increasing, and it is increasingly becoming an important factor for optimizing the corporate governance. Compared with the western developed capitalist countries, China's securities market is underdeveloped, the market capacity is relatively small, and the scale of institutional investors is relatively small, however, in the country, the scale of the institutional investors is relatively small. In the course of the development of China's institutional investors, it is not difficult to find that the positive attitude of the government regulatory authorities to the institutional investors is an important reason for the rapid development of institutional investors in China. In the Chinese securities market, the large shareholders have taken out the emptying of the stock market. In recent years, institutional investors have a positive or indirect effect on the improvement of the governance mechanism of listed companies. Is it possible to influence the cash dividend policy of listed companies by participating in corporate governance?
This paper first reviews the relevant research results at home and abroad, expounds the theory that the institutional investors may have a correlation with the cash dividend policy, and then summarizes the basic characteristics of institutional investors as well as the general situation and characteristics of the listed company's cash dividend policy, and finally points out the data after the split share reform in China. Group, select the company samples with low cash holdings and high investment opportunities and the company samples with high cash holdings and low investment opportunities, establish the corresponding Logistic and multiple regression models to investigate the relationship between institutional investors and cash dividends respectively, and get the corresponding research conclusion, and put forward the policy suggestions on this basis. It is divided into seven chapters, and the main contents of each chapter are as follows:
Chapter zero is an introduction, which is a brief introduction to the paper, including the background and problems of the study, the framework and main content of the research, and the improvement and innovation of the research.
The first chapter is a literature review. First, it reviews foreign articles about institutional investors, cash dividends and the relationship between the two parties, and then reviews the domestic literature on institutional investors, cash dividends and their two party relations, and finally collated and regrouped the literature reviewed.
The second chapter analyzes the development and characteristics of institutional investors and cash dividends at this stage.
The third chapter analyzes institutional investors and cash dividend theory, including institutional investors "Shareholder Activism", agency theory, customer theory and a series of theories to review and analyze.
In the fourth chapter, the mechanism of institutional investors' shareholder activism is analyzed. In the case of low cash holdings and high investment opportunities, the management malware, as well as the agency problems often appear in the companies with high cash holdings and low investment opportunities, put forward the positive work of institutional investors on the cash dividend policy. A theoretical model of institutional investors and cash dividends is constructed.
The fifth chapter empirically analyses whether institutional investors have an impact on the dividend policy of listed companies and what kind of effect they have. From 2006 to 2010, the A shares listed companies are the research objects, and the company samples are grouped to test the institutional investors with high investment opportunities in low cash holdings and high cash holdings. The impact of low investment opportunity companies on cash dividend policy through participation in corporate governance.
The sixth chapter is a summary of the research results of the paper, including the conclusions and Enlightenment of the research, the limitations of the research and the direction of further research. The main conclusions are as follows: (1) the probability of cash dividend dispatch is significantly related to the proportion of institutional investors: in the companies with low cash holdings and high investment opportunities, the probability of dispatch and the institutional investment are found. There is a negative correlation; (2) the probability of cash dividend dispatch is significantly related to the proportion of institutional investors: in companies with high cash holdings and low investment opportunities, the probability of cash dividend has a positive correlation with institutional investors; (3) the amount of cash dividends is significantly related to the proportion of institutional investors: low cash holdings and investment machines There is a negative correlation between the number of cash dividends and institutional investors; (4) the amount of cash dividends is significantly related to the proportion of institutional investors: in the companies with high cash holdings and low investment opportunities, the amount of cash dividends is positively related to institutional investors.

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

【参考文献】