机构投资者对A股公司现金股利的影响研究
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摘要
利用A股上市公司数据实证分析了机构投资者持股对上市公司现金股利发放决策的影响。研究发现,越来越多上市公司发放了现金股利,其经营状况和发展潜力普遍高于不发放现金股利的公司;机构投资者持股,会显著影响上市公司是否发放现金股利、发放现金股利的额度及强度;不同类别机构投资者对公司现金股利发放的影响力差异巨大,存着明显的异质性;我国上市公司发放现金股利行为符合"股利迎合理论",其现金股利决策的确会考虑机构投资者偏好。对基金、QFII等不同机构投资者加强分类指导与监管,可有效督促上市公司制定合理的股利政策、更好的保护投资者利益。
By taking the data of A-share firms,this paper investigated the effect of institutional investors on the cash dividends of listed companies. The empirical results show that more and more firms grant the dividends which imply greater potential and the better operation performance than the companies that do not provide dividends,and the share holding of institutional investors will obviously affect the dividend policy. However,the different institutional investors have the different effects on the firms' cash dividend policy,and there is an apparent heterogeneity. We find the behavior of the listed firms fit "the theory of dividend catering",and the decision of companies do be correlated to the preference of the institutional investors. Monitoring the heterogenous institutional investors according to its category,such as the fund and QFII,will help to propel the listed firms make better dividend policies and protect the benefits of investors more effectively.
By taking the data of A-share firms,this paper investigated the effect of institutional investors on the cash dividends of listed companies. The empirical results show that more and more firms grant the dividends which imply greater potential and the better operation performance than the companies that do not provide dividends,and the share holding of institutional investors will obviously affect the dividend policy. However,the different institutional investors have the different effects on the firms' cash dividend policy,and there is an apparent heterogeneity. We find the behavior of the listed firms fit "the theory of dividend catering",and the decision of companies do be correlated to the preference of the institutional investors. Monitoring the heterogenous institutional investors according to its category,such as the fund and QFII,will help to propel the listed firms make better dividend policies and protect the benefits of investors more effectively.
引文
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[2]Farrar Donald E,Selwyn Lee L. Taxes,Corporate Financial Policy And Return To Investors[J]. National Tax Jour-nal,1967,20(4):444-454.
[3]Rozeff Michael S. Growth,Beta And Agency Costs As Determinants Of Dividend Payout Ratios[J]. Journal of Finan-cial Research,1982,5(3):249-259.
[4]Baker M,Wurgler J. A Catering Theory of Dividends[J]. Social Science Electronic Publishing,2004,59(3):1125-1165.
[5]Nissim Doron,Ziv Amir. Dividend Changes and Future Profitability[J]. Journal of Finance,2001,56(6):2111-2133.
[6]Aggarwal R,Cao J,Chen F. Information Environment,Dividend Changes,and Signaling:Evidence from ADR Firms[J]. Contemporary Accounting Research,2012,29(2):403-431.
[7]祝继高,王春飞.金融危机对公司现金股利政策的影响研究:基于股权结构的视角[J].会计研究,2013,(2):38-44.
[8]Easterbrook F H. Two Agency-Cost Explanations of Dividends[J]. American Economic Review,1984,74(3):50-59.
[9]Jensen,Michael C. Agency Costs of Free Cash Flow,Corporate Finance,and Takeovers[J]. American Economic Re-view,1986,76(2):323-328.
[10]La Porta Rafael,Lopez-De-Silanes Florencio,Shleifer Andrei,等. Agency Problems and Dividend Policies aroundthe World[J]. Journal of Finance,2000,55(1):1-33.
[11]Chang K,Kang E,Li Y. Effect of Institutional Ownership on Dividends:An Agency-theory-based Analysis[J].Journal of Business Research,2016,69(7):2551-2559.
[12]李卓,宋玉.股利政策、盈余持续性与信号显示[J].南开管理评论,2007,(1):70-80.
[13]武晓玲,狄跃强.我国上市公司现金股利政策研究:基于代理成本的分析视角[J].山西财经大学学报,2009,(8):71-75.
[14]许辉,祝立宏.低现金股利政策、股东财富与控股股东决策[J].商业经济与管理,2010,(6):72-79.
[15]Abdulkadir R I,Abdullah N A H,Wong W C. Dividend Policy Changes in the Pre-,Mid-,and Post-FinancialCrisis:Evidence From The Nigerian Stock Market[J]. Asian Academy of Management Journal of Accounting&Fi-nance,2015,11(5):103-126.
[16]王曼舒,齐寅峰.现金股利与投资者偏好的实证分析[J].经济问题探索,2005,(12):65-71.
[17]黄娟娟,沈艺峰.上市公司的股利政策究竟迎合了谁的需要:来自中国上市公司的经验数据[J].会计研究,2007,(8):36-44.
[18]龚慧云.基于股利迎合理论的我国上市公司送转股行为研究[J].上海金融,2010,(11):67-72.
[19]支晓强,胡聪慧,童盼,等.股权分置改革与上市公司股利政策:基于迎合理论的证据[J].管理世界,2014,(3):139-147.
[20]Amir Rubin,Daniel R S. Institutional ownership,volatility and dividends[J]Journal of Banking&Finance,2009,33(4):627-639.
[21]Kim S,Wonsik S,Kang,等. Impact Of Foreign Institutional Investors On Dividend Policy In Korea:A Stock MarketPerspective[J]. Journal of Financial Management&Analysis,2010,23(1):10-26.
[22]Firth Michael,Gao Jin,Shen Jianghua,等. Institutional stock ownership and firms’cash dividend policies:Evidencefrom China[J]. Journal of Banking&Finance,2016,65:91-107.
[23]李刚,张海燕.解析机构投资者的红利甄别能力[J].金融研究,2009,(1):165-178.
[24]魏志华,等.机构投资者持股与中国上市公司现金股利政策[J].证券市场导报,2012,(10):40-47.
[25]陶启智,李亮,李子扬.机构投资者是否偏好现金股利:来自2005~2013年的经验证据[J].财经科学,2014,(12):30-38.
[2]Farrar Donald E,Selwyn Lee L. Taxes,Corporate Financial Policy And Return To Investors[J]. National Tax Jour-nal,1967,20(4):444-454.
[3]Rozeff Michael S. Growth,Beta And Agency Costs As Determinants Of Dividend Payout Ratios[J]. Journal of Finan-cial Research,1982,5(3):249-259.
[4]Baker M,Wurgler J. A Catering Theory of Dividends[J]. Social Science Electronic Publishing,2004,59(3):1125-1165.
[5]Nissim Doron,Ziv Amir. Dividend Changes and Future Profitability[J]. Journal of Finance,2001,56(6):2111-2133.
[6]Aggarwal R,Cao J,Chen F. Information Environment,Dividend Changes,and Signaling:Evidence from ADR Firms[J]. Contemporary Accounting Research,2012,29(2):403-431.
[7]祝继高,王春飞.金融危机对公司现金股利政策的影响研究:基于股权结构的视角[J].会计研究,2013,(2):38-44.
[8]Easterbrook F H. Two Agency-Cost Explanations of Dividends[J]. American Economic Review,1984,74(3):50-59.
[9]Jensen,Michael C. Agency Costs of Free Cash Flow,Corporate Finance,and Takeovers[J]. American Economic Re-view,1986,76(2):323-328.
[10]La Porta Rafael,Lopez-De-Silanes Florencio,Shleifer Andrei,等. Agency Problems and Dividend Policies aroundthe World[J]. Journal of Finance,2000,55(1):1-33.
[11]Chang K,Kang E,Li Y. Effect of Institutional Ownership on Dividends:An Agency-theory-based Analysis[J].Journal of Business Research,2016,69(7):2551-2559.
[12]李卓,宋玉.股利政策、盈余持续性与信号显示[J].南开管理评论,2007,(1):70-80.
[13]武晓玲,狄跃强.我国上市公司现金股利政策研究:基于代理成本的分析视角[J].山西财经大学学报,2009,(8):71-75.
[14]许辉,祝立宏.低现金股利政策、股东财富与控股股东决策[J].商业经济与管理,2010,(6):72-79.
[15]Abdulkadir R I,Abdullah N A H,Wong W C. Dividend Policy Changes in the Pre-,Mid-,and Post-FinancialCrisis:Evidence From The Nigerian Stock Market[J]. Asian Academy of Management Journal of Accounting&Fi-nance,2015,11(5):103-126.
[16]王曼舒,齐寅峰.现金股利与投资者偏好的实证分析[J].经济问题探索,2005,(12):65-71.
[17]黄娟娟,沈艺峰.上市公司的股利政策究竟迎合了谁的需要:来自中国上市公司的经验数据[J].会计研究,2007,(8):36-44.
[18]龚慧云.基于股利迎合理论的我国上市公司送转股行为研究[J].上海金融,2010,(11):67-72.
[19]支晓强,胡聪慧,童盼,等.股权分置改革与上市公司股利政策:基于迎合理论的证据[J].管理世界,2014,(3):139-147.
[20]Amir Rubin,Daniel R S. Institutional ownership,volatility and dividends[J]Journal of Banking&Finance,2009,33(4):627-639.
[21]Kim S,Wonsik S,Kang,等. Impact Of Foreign Institutional Investors On Dividend Policy In Korea:A Stock MarketPerspective[J]. Journal of Financial Management&Analysis,2010,23(1):10-26.
[22]Firth Michael,Gao Jin,Shen Jianghua,等. Institutional stock ownership and firms’cash dividend policies:Evidencefrom China[J]. Journal of Banking&Finance,2016,65:91-107.
[23]李刚,张海燕.解析机构投资者的红利甄别能力[J].金融研究,2009,(1):165-178.
[24]魏志华,等.机构投资者持股与中国上市公司现金股利政策[J].证券市场导报,2012,(10):40-47.
[25]陶启智,李亮,李子扬.机构投资者是否偏好现金股利:来自2005~2013年的经验证据[J].财经科学,2014,(12):30-38.