机构投资者持股与现金股利关系研究

发布时间：2018-10-16 21:55

【摘要】：在西方发达国家,机构投资者已经成为公司治理领域和资本市场的重要参与主体。随着机构投资者股东积极主义的兴起,机构投资者逐渐摆脱其“用脚投票的华尔街准则,转向积极参与公司治理中来,越来越多的实证研究认为机构投资者对公司治理水平的提高具有十分积极的作用。近年来,我国机构投资者发展速度非常快,机构投资者数量和规模不断扩大,机构投资者逐渐成为我国证券市场的重要力量。股权分置改革带来了我国资本市场最深刻的制度变革,全流通环境为国内机构投资者在上市公司治理中发挥作用搭建了一个制度平台。在全流通环境下,机构投资者的言行对上市公司的董事会和管理层的影响也将更加有效。在此背景下,研究我国机构投资者的投资理念,通过参与公司治理进而影响现金股利发放水平的状况,具有重大的现实意义。本文借鉴了国内外学者关于这方面的研究,采用统计分析与回归分析相结合的研究方法,利用2007-2010年机构投资者持股和上市公司财务数据,对机构投资者与我国上市公司现金股利关系进行了实证研究,检验机构投资者是否将上市公司现金股利发放水平作为其构建投资组合的重要参考因素,机构投资者持股能否提高上市公司的现金股利水平,机构投资者能否通过现金股利政策来监督上市公司管理层,减少代理成本,保护中小股东利益；检验机构投资者能否有效抑制我国上市公司恶意派现行为。本文首先从股利信号传递理论和股利代理理论阐述了机构投资者持股与现金股利政策关系的理论基础,然后分析了现阶段我国机构投资者发展现状和现金股利发放现状及特征,接着通过统计分析发现,在我国,发放现金股利上市公司组的机构投资者持股比例显著高于不发放现金股利上市公司组；高分红上市公司组机构投资者持股比例显著高于低分红上市公司组：机构投资者持股比例高的上市公司现金股利发放水平显著高于机构投资者持股比例低的上市公司；然后通过回归分析发现,机构投资者持股比例与上市公司现金股利发放水平正相关,机构投资者持股与上市公司司恶意派现概率不显著相关；最后本文总结了研究结论并提出了针对性的政策建议。
[Abstract]:In western developed countries, institutional investors have become important participants in the field of corporate governance and capital markets. With the rise of shareholder activism among institutional investors, institutional investors have gradually moved away from the Wall Street rule of "voting with their feet" and turned to active participation in corporate governance. More and more empirical studies believe that institutional investors play a very positive role in improving corporate governance. In recent years, with the rapid development of institutional investors in China, the number and scale of institutional investors continue to expand, institutional investors gradually become an important force in China's securities market. The reform of split share structure has brought about the most profound institutional reform in China's capital market. The full circulation environment has set up an institutional platform for domestic institutional investors to play a role in the governance of listed companies. In the whole circulation environment, the influence of institutional investors' words and deeds on the board of directors and management of listed companies will be more effective. Under this background, it is of great practical significance to study the investment concept of our country's institutional investors and to participate in the corporate governance and then influence the cash dividend payment level. This article draws lessons from the domestic and foreign scholars' research on this aspect, adopts the research method which combines the statistical analysis and the regression analysis, uses the institutional investor stock holding and the listed company financial data from 2007 to 2010. This paper makes an empirical study on the relationship between institutional investors and cash dividends of listed companies in China, and tests whether institutional investors take the level of cash dividends of listed companies as an important reference factor to construct their investment portfolios. Whether institutional investors can improve the cash dividend level of listed companies, whether institutional investors can supervise the management of listed companies through cash dividend policy, reduce agency costs and protect the interests of minority shareholders; To check whether institutional investors can effectively restrain malicious cash payments of listed companies in China. This paper first expounds the theoretical basis of the relationship between institutional investors' shareholding and cash dividend policy from the perspective of dividend signaling theory and dividend agency theory, and then analyzes the present development status of institutional investors in China and the present situation and characteristics of cash dividend payment. Then through the statistical analysis, it is found that in our country, the proportion of institutional investors holding shares in the cash dividend group is significantly higher than that in the non-cash dividend listed company group. The proportion of institutional investors holding shares of listed companies with high dividend is significantly higher than that of listed companies with low dividends: the cash dividend payment level of listed companies with high proportion of institutional investors is significantly higher than that of listed companies with low shareholding ratio of institutional investors; Then through regression analysis, it is found that the proportion of institutional investors holding shares is positively related to the level of cash dividend payment of listed companies, and the proportion of institutional investors holding shares is not significantly related to the malicious payout probability of listed companies; Finally, this paper summarizes the conclusions of the study and puts forward targeted policy recommendations.
【学位授予单位】：西南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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