QFII持股与上市公司股利政策的关系研究

发布时间：2018-10-21 10:59

【摘要】：研究QFII持股与公司股利政策的关系,为检验我国资本市场开放对上市公司财务决策行为的影响提供了独特视角。以沪深两市2004-2012年的上市公司作为研究样本,采用logit和tobit模型实证检验了QFII持股与上市公司股利政策之间的双向联系。研究结果表明:首先,QFII持股对上市公司股利政策存在显著影响,上市公司的股利分配意愿、采用现金股利实施分配的倾向以及现金股利支付水平与QFII持股及其持股比例显著正相关;QFII更偏好实施过分配的上市公司,并且更愿意持有采用现金股利实施分配的上市公司股票,现金股利支付水平越高,QFII持股比例越高;最后,QFII持股对上市公司股票股利政策未产生显著影响,同样上市公司股票股利政策也未对QFII持股状况产生影响。
[Abstract]:The study of the relationship between QFII shareholding and dividend policy provides a unique perspective to test the impact of the opening of the capital market on the financial decision-making behavior of listed companies. Taking listed companies in Shanghai and Shenzhen stock markets from 2004 to 2012 as research samples, this paper empirically tests the two-way relationship between QFII shareholding and dividend policy of listed companies by using logit and tobit models. The results show that: first of all, QFII stock ownership has a significant impact on the dividend policy of listed companies, and the dividend distribution will of listed companies. The tendency of using cash dividend to implement distribution and the level of cash dividend payment are significantly positively correlated with QFII shareholdings and their shareholdings, while QFII prefers to implement overallotment of listed companies. The higher the level of cash dividend payment, the higher the QFII shareholding ratio. Finally, the QFII stock holding has no significant impact on the dividend policy of listed companies. Similarly, the stock dividend policy of listed companies also has no effect on QFII stock holding.
【作者单位】：上海对外经贸大学金融管理学院;
【基金】：2012年上海高校青年教师培养资助计划项目上海市教委科研创新项目(14YS100)
【分类号】：F275;F832.51

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