机构投资者持股与中国上市公司现金股利政策

发布时间：2018-04-03 19:16

本文选题：机构投资者　切入点：现金股利　出处：《证券市场导报》2012年10期

【摘要】：本文基于上市公司现金股利政策的视角,深入考察机构投资者的监督治理效应、投资行为偏好,以及不同类型的机构投资者之间是否存在异质性。以中国A股上市公司为样本,实证发现:(1)机构投资者持股比例较高的上市公司具有显著更高的现金股利支付意愿和支付水平,表明机构投资者对上市公司现金股利政策发挥了积极的监督效应;(2)高派现上市公司吸引了更高的机构投资者持股比例,显示机构投资者将现金股利视为其构建投资组合的关键要素,遵循了"谨慎人规则";(3)不同类型的机构投资者在现金股利的监督效应、股利偏好方面并没有呈现出明显的异质性,揭示着我国各类机构投资者可能存在趋同的投资风格;(4)我国机构投资者倾向于将现金股利政策视为上市公司传递的一种"信号"而非解决传统代理冲突的治理机制。
[Abstract]:Based on the perspective of cash dividend policy of listed companies, this paper investigates the supervisory governance effect of institutional investors, investment behavior preference, and whether there is heterogeneity among different types of institutional investors.Taking Chinese A-share listed companies as a sample, it is found that the listed companies with higher shareholding ratio of institutional investors have significantly higher cash dividend payment willingness and payment level.It shows that institutional investors play an active role in supervising the cash dividend policy of listed companies.It shows that institutional investors regard cash dividend as the key element of their investment portfolio, and follow the "prudent person rule" (3) the monitoring effect of different types of institutional investors in cash dividend, and there is no obvious heterogeneity in dividend preference.It is revealed that different institutional investors in China may have a similar investment style. (4) China's institutional investors tend to regard the cash dividend policy as a "signal" transmitted by listed companies rather than a governance mechanism to resolve traditional agency conflicts.
【作者单位】：厦门大学经济学院;厦门大学管理学院;
【基金】：国家自然科学基金项目(71102058、71102059、71172050) 中央高校基本科研业务费项目(2011221012、2010221028)
【分类号】：F276.6;F832.51;F224

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