异质机构投资者与现金股利的关系研究

发布时间：2018-06-28 02:49

本文选题：机构投资者 + 异质性　；参考：《山东大学》2012年硕士论文

【摘要】：伴随着中国证券市场的迅速发展,目前我国已经形成了以证券投资基金为主,保险基金、社保基金、QFII等共同发展的多元化机构投资者格局。2005年启动的股权分置改革从根本上改变上市公司的股权结构,提高机构投资者的持股比例,利于其监督治理能力进一步提升从而在整体上提高上市公司的治理水平,为机构投资者的发展以及其发挥监督治理作用,提供了更健康的机制和环境。本文通过对中国沪深证券交易所非金融保险类A股上市公司2006年至2010年数据进行研究,分析了机构投资者总体和异质机构投资者和现金股利的关系。同时结合这段时期中国股票市场受到美国次贷危机影响大起大落的情况,分阶段考察了机构投资者持股对现金股利的影响和投资偏好。通过实证研究发现：机构投资者能够参与到公司治理,影响现金股利支付概率和支付水平,但是影响程度和阶段性又有不同。派现概率方面,证券投资基金、QFII和社保基金持股比例越高,上市公司越倾向于派现。其中证券投资基金在金融危机前后,其持股比例与派现概率与水平都存在显著正向关系,公司治理效果较好。QFII在2006年至2007年显著正向影响派现概率。社保基金的影响力在2008年至2010年度样本中才得以体现。保险公司持股与派现概率无显著关系。在派现水平方面,只有证券投资基金在金融危机前后都能显著正向影响每股现金股利。现金股利政策是机构投资者选股持股的标准之一,但金融危机前后,各类机构投资者对现金股利偏好有所变化。金融危机前,只有证券投资基金、社保基金在选股时考虑了现金股利因素。金融危机后,绝大多数机构投资者都将现金股利支付水平视为重要的选股因素,原因可能在于,从2008年开始,我国股票市场下行,投资者在二级市场上获得资本利得难度增大,因此更加关注上市公司股利政策。
[Abstract]:With the rapid development of China's securities market, at present, China has formed a securities investment fund, an insurance fund, The split share structure reform launched in 2005 fundamentally changed the ownership structure of listed companies and increased the shareholding ratio of institutional investors. It is conducive to the further improvement of its supervisory and governance ability so as to improve the governance level of listed companies as a whole and provide a healthier mechanism and environment for the development of institutional investors and their role in supervision and governance. By studying the data of non-financial and insurance A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2006 to 2010, this paper analyzes the relationship between institutional investors as a whole and heterogeneous institutional investors and cash dividends. At the same time, combined with the situation that the Chinese stock market was greatly affected by the American subprime mortgage crisis during this period, the influence of institutional investors' shareholding on cash dividend and investment preference were investigated in stages. Through empirical research, it is found that institutional investors can participate in corporate governance and affect the probability and level of cash dividend payment, but the influence degree and stage are different. In the aspect of payout probability, the higher the proportion of QFII and social security fund is, the more inclined the listed company is to pay cash. Before and after the financial crisis, there is a significant positive relationship between the shareholding ratio and the payout probability and the level of the securities investment fund. The effect of corporate governance is good. QFII has a significant positive impact on the payout probability from 2006 to 2007. The impact of the Social Security Fund in the 2008-2010 sample only to be reflected. There is no significant relationship between the share holding of insurance company and the payout probability. In terms of payout level, only securities investment funds can significantly positively affect cash dividends per share before and after the financial crisis. Cash dividend policy is one of the criteria for institutional investors to choose shares, but before and after the financial crisis, all kinds of institutional investors' preference for cash dividend has changed. Before the financial crisis, only securities investment funds, social security funds in stock selection when the cash dividend factor. After the financial crisis, most institutional investors regard the level of cash dividend payment as an important stock selection factor. The reason may be that, since 2008, the stock market of our country has been declining, and it has become more difficult for investors to obtain capital gains in the secondary market. Therefore, pay more attention to the dividend policy of listed companies.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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