QFⅡ持股与我国上市公司现金股利政策相关性研究
发布时间：2018-08-23 20:38
【摘要】：QFII(Qualified Foreign Institutional Investors)制度作为一种吸引外资、开放资本市场的过渡性安排，成为了许多新生的证R凳谐《酝饪懦跗诰２捎玫囊恢帜Ｊ健Ｒ隥FII制度的根本目的在于吸引国外的资金进入本国的资本市场。QFII作为我国资本市场开放新引进的一类特殊的机构投资者，和国内机构投资者相比，拥有更强大的资金背景和更成熟的投资理念。本文研究上市公司现金股利政策与QFII持股的关系，其实际是在某种程度上探讨QFII持股对公司治理的影响，即研究QFII能否对公司治理产生特殊作用从而影响上市公司的现金股利政策以及经营业绩。 本文以2008-2010年的QFII持股比例与上市公司现金股利为研究对象，运用M-whitney-U检验发放现金股利水平不同的公司其QFII持股比例是否显著不同，并且通过线性回归模型来分析QFII是否将上市公司的现金股利政策作为其选择投资组合的标准及QFII是否参与上市公司治理，影响上市公司的现金股利政策。 研究结果表明： (l)发放现金股利公司的QFII持股比例显著高于没有发放现金股利的公司；在发放现金股利公司中，高股利组公司QFII持股比例显著高于低现金股利组公司；QFII持股的公司现金股利水平高于没有QFII持股的公司；高QFII持股公司发放的现金股利显著高于低QFII持股公司。 (2)QFII偏好发放现金股利的公司，QFII持股比例与上市公司现金股利支付水平显著正相关，符合“股利信号理论”假设，表明QFII开始倡导价值投资理念，选择股票越来越重视上市公司质量。 (3)上市公司派现概率与QFII持股比例显著正相关，派现公司现金股利支付水平与QFII持股比例显著正相关，符合“自由现金流”及“股利代理理论”假说，表明QFII在一定程度上参与公司治理，发挥着监督治理作用。 总之，上述分析均表明QFII持股与上市公司的股利政策是相互影响的，QFII既根据上市公司的股利政策构建投资组合，同时也发挥监督治理作用，影响着上市公司股利政策的制定。
[Abstract]:As a transitional arrangement to attract foreign capital and open up the capital market, QFII (Qualified Foreign Institutional Investors) system has become a lot of new born certificates. Cowardice tarsal palmatine 2 rose sac reinvigorate J Jian R? The fundamental purpose of the FII system is to attract foreign funds into the domestic capital market. QFII is a kind of special institutional investors newly introduced into China's capital market opening up, compared with the domestic institutional investors. Have stronger capital background and more mature investment concept. This paper studies the relationship between the cash dividend policy of listed companies and QFII shareholding. To some extent, it discusses the influence of QFII shareholding on corporate governance. This is to study whether QFII has a special effect on corporate governance and thus affect the cash dividend policy and operating performance of listed companies. This paper takes the QFII shareholding ratio in 2008-2010 and the cash dividend of listed companies as the research object, and applies M-whitney-U test to test whether the QFII shareholding ratio of the companies with different cash dividend levels is significantly different from that of the listed companies. And the linear regression model is used to analyze whether QFII regards the cash dividend policy of listed companies as the criterion of its portfolio selection and whether QFII participates in the governance of listed companies, which affects the cash dividend policy of listed companies. The results show that the QFII holding ratio of: (l) cash dividend companies is significantly higher than that of non-cash dividend companies. The ratio of QFII holding in high dividend group is significantly higher than that in low cash dividend group. The cash dividend level of high dividend group is higher than that of company without QFII. The cash dividend paid by the high QFII holding company is significantly higher than that of the low QFII holding company. (2) there is a significant positive correlation between the QFII holding ratio and the cash dividend payment level of the listed company, which accords with the hypothesis of dividend signal theory. The results show that QFII begins to advocate the idea of value investment and pay more and more attention to the quality of listed companies. (3) the payout probability of listed companies is positively correlated with the proportion of QFII holdings. The level of cash dividend payment in cash payout companies is significantly positively correlated with the proportion of QFII holdings, which is in line with the hypothesis of "free cash flow" and "dividend agency theory", which indicates that QFII participates in corporate governance to a certain extent and plays a supervisory role in governance. In a word, the above analysis shows that the QFII stock holding and the dividend policy of listed companies influence each other. It not only constructs the investment portfolio according to the dividend policy of listed companies, but also plays a supervisory and governance role, which affects the formulation of dividend policies of listed companies.
【学位授予单位】：重庆工商大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224
[Abstract]:As a transitional arrangement to attract foreign capital and open up the capital market, QFII (Qualified Foreign Institutional Investors) system has become a lot of new born certificates. Cowardice tarsal palmatine 2 rose sac reinvigorate J Jian R? The fundamental purpose of the FII system is to attract foreign funds into the domestic capital market. QFII is a kind of special institutional investors newly introduced into China's capital market opening up, compared with the domestic institutional investors. Have stronger capital background and more mature investment concept. This paper studies the relationship between the cash dividend policy of listed companies and QFII shareholding. To some extent, it discusses the influence of QFII shareholding on corporate governance. This is to study whether QFII has a special effect on corporate governance and thus affect the cash dividend policy and operating performance of listed companies. This paper takes the QFII shareholding ratio in 2008-2010 and the cash dividend of listed companies as the research object, and applies M-whitney-U test to test whether the QFII shareholding ratio of the companies with different cash dividend levels is significantly different from that of the listed companies. And the linear regression model is used to analyze whether QFII regards the cash dividend policy of listed companies as the criterion of its portfolio selection and whether QFII participates in the governance of listed companies, which affects the cash dividend policy of listed companies. The results show that the QFII holding ratio of: (l) cash dividend companies is significantly higher than that of non-cash dividend companies. The ratio of QFII holding in high dividend group is significantly higher than that in low cash dividend group. The cash dividend level of high dividend group is higher than that of company without QFII. The cash dividend paid by the high QFII holding company is significantly higher than that of the low QFII holding company. (2) there is a significant positive correlation between the QFII holding ratio and the cash dividend payment level of the listed company, which accords with the hypothesis of dividend signal theory. The results show that QFII begins to advocate the idea of value investment and pay more and more attention to the quality of listed companies. (3) the payout probability of listed companies is positively correlated with the proportion of QFII holdings. The level of cash dividend payment in cash payout companies is significantly positively correlated with the proportion of QFII holdings, which is in line with the hypothesis of "free cash flow" and "dividend agency theory", which indicates that QFII participates in corporate governance to a certain extent and plays a supervisory role in governance. In a word, the above analysis shows that the QFII stock holding and the dividend policy of listed companies influence each other. It not only constructs the investment portfolio according to the dividend policy of listed companies, but also plays a supervisory and governance role, which affects the formulation of dividend policies of listed companies.
【学位授予单位】：重庆工商大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224
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