本文關(guān)鍵詞：機構(gòu)投資者對現(xiàn)金股利政策的影響　出處：《西南財經(jīng)大學》2013年碩士論文　論文類型：學位論文

  更多相關(guān)文章： 價值投資 機構(gòu)投資者 現(xiàn)金分紅 現(xiàn)金股利

【摘要】：我國經(jīng)濟高速發(fā)展了30多年,在這過程中國民積累了大量的財富。這些財富迫切的需要進行管理,以實現(xiàn)資產(chǎn)的保值增值。社會也需要專業(yè)投資者將這些資金有效分配,促進經(jīng)濟的發(fā)展。機構(gòu)投資者作為財富管理的重要投資主體,將在資本市場中發(fā)揮越來越重要的作用。我國股票市場具有以下特點： 第一、股票市場是資本市場的重要構(gòu)成部分,股票市場成立以來,上市公司在A股的融資額穩(wěn)步上升,近三年來股票市場年平均融資額達到了5000億以上,為企業(yè)的投資和發(fā)展提供了寶貴的資金,促進了我國經(jīng)濟社會的發(fā)展。 第二、我國股票市場投資者收益和風險不匹配。作者統(tǒng)計后發(fā)現(xiàn),2007-2011年,股票市場實際的整體收益率估計只有4%。不到一年期定期銀行存款累計收益的一半。不同的投資者獲得的收益也不一樣。公司的原始股東獲股成本一般比較低,在大小非解禁后,他們通過減持拋售股票可以獲得大量利潤；內(nèi)部人通過內(nèi)幕交易,提前獲得關(guān)于公司的重大信息,低位買入后再高位賣出,也獲利不少。對普通投資者來說,大面積虧損是很正常的。但作為一個投資市場,如果投資者風險和收益不能匹配,遲早只會受到投資者的拋棄。 第三、現(xiàn)金分紅將越來越得到重視。上市公司對股東的回報最終體現(xiàn)在現(xiàn)金紅利上。股票市場要健康發(fā)展,必須加強對股東的回報。 第四、機構(gòu)投資者作為投資者的重要代表,將在實現(xiàn)資金有效分配,促進股票市場健康發(fā)展,增加股東的回報率方面發(fā)揮重要作用。 因此,作者認為研究機構(gòu)投資者與現(xiàn)金股利之間的關(guān)系是一個值得研究的課題。股利政策作為公司三大基本政策(投資、融資、股利)之一,一直就是經(jīng)濟學者討論較多的話題,很多學者從股東,投資者,資本市場的效率等各個角度對股利政策作了很多的理論分析。有影響的有MM理論,代理成本理論,信號傳遞理論、一鳥在手理論,以及近年興起的生命周期理論。MM理論認為公司值與股利政策無關(guān),代理成本理論認為公司股東和管理層之間是委托---代理關(guān)系,股東(委托人)擁有公司的所有權(quán),委托公司管理層(代理人)對公司進行管理,由于委托人和代理人之間存在信息不對稱,雙方各自追求自己利益最大化,便產(chǎn)生了代理問題。其中,逆向選擇指代理人會隱瞞一些公司的負面信息；道德風險指代理人利用委托人賦予自己的權(quán)利和職能,通過拓寬自己擁有的資源,如為自己提供奢侈的生活與工作條件、盲目投資等途徑而侵占委托人的利益。代理成本理論認為通過現(xiàn)金分紅,.減少公司凈現(xiàn)金流量可以減少代理成本。一鳥在手理論即指“雙鳥”在林不如“一鳥”在手。相比起那些具有不確定性的公司的自由現(xiàn)金流(雙鳥),雖然能夠用其進行再投資,從而帶給投資者更為豐厚的報酬,但投資者更喜歡實實在在的利益,即能夠被穩(wěn)穩(wěn)握在手上的股利(一鳥)。生命周期理論認為,當企業(yè)處在成長期時,企業(yè)不應該分紅,而將利潤用于投資可以取得更好的盈利,企業(yè)進入成熟期后,企業(yè)應該加大分紅,回報投資者。 機構(gòu)投資者對公司的影響主要有股東積極主義和效率監(jiān)督假說。主要思想是為了保證機構(gòu)投資者自身的資金安全,機構(gòu)投資者不會滿足于僅僅投資股票獲利的方式,還會行使股東權(quán)利。主動參與公司的治理,通過股東大會主動參與公司各項重大經(jīng)營政策,股利政策的表決。如果投資者認為公司投資策略和機構(gòu)資者意見不一致時,投資者會選擇用腳投票,賣出公司的股票。 投資其實就是一種風險管理,投資者根據(jù)自己的承受水平承擔風險,并獲得相應的補償。股票本身并沒有期限,投資者的回報取決于公司未來利潤,公司未來能夠獲利是不確定的。在破產(chǎn)清算時,股東的求償權(quán)也低于債券,這說明股票的風險是大于債券的,合理的股票市場應該給投資者提供大于購買債券的回報,才能夠給投資者合理的風險補償。 在A股市場上,我國普通投資者的大面積虧損。而這些年來我國經(jīng)濟高速增長,能夠上市公司一般是行業(yè)內(nèi)比較優(yōu)秀的企業(yè),這此公司的利潤率增速大部分都大于行業(yè)的增速,也大于經(jīng)濟增速,在上市公司業(yè)績?nèi)绱肆己玫那闆r下,投資者作為公司的股東,從法律意義上擁有公司的所有權(quán),公司的收益也就是股東的收益,可是為何投資者卻還是虧損的呢? 投資者購買股票獲取利潤的最終來源是現(xiàn)金紅利。本文從機構(gòu)投資者的角度出發(fā),分析機構(gòu)投資者為了實現(xiàn)資金的保值增值,如何影響上市公司紅利政策。上市公司將現(xiàn)金股利用盈利項目的投資是適當?shù)?但如果公司管理層將公司利潤通過低息存入銀行或投資低利潤項目等其它手段轉(zhuǎn)移利潤,將降低公司的價值,損害投資者的利益。 通過實證,.我們得到的結(jié)論為：機構(gòu)投資者比例的增加,能提高上市公司的現(xiàn)金分紅概率。通過現(xiàn)金分紅能減少代理成本,提前獲得一部分資金后,投資者也能減少投入資金的久期,進而減少風險。更進一步地,我們發(fā)現(xiàn)機構(gòu)投資者持股比例對現(xiàn)金分紅水平影響不大,這是因為機構(gòu)投資者是理性的,會支持公司合理的投資活動,在我國處理在經(jīng)濟高速發(fā)展期,企業(yè)存在較大發(fā)展空間的情況下,并不會要求公司將盡量多的利潤用來分紅�，F(xiàn)金股利支付率較高的公司也不能作為公司盈利良好的信號。因為機構(gòu)投資者有較為完善的研究體系,監(jiān)管部門也規(guī)定了嚴格的信息披露制度,機構(gòu)投資者會從公司的長期發(fā)展能力判斷公司價值。 最后,作者認為,要保持股票市場的健康發(fā)展,需要各方面的努力：(1)機構(gòu)投資者要努力成為價值發(fā)現(xiàn)者。這需要機資投資者更加細致的調(diào)研和更加理性的投資。(2)上市公司應該加強對投資者的回報,股東才是公司的真正擁有者,有權(quán)利享受到公司增長的全部收益。股東在購買公司股票時承擔了較高的風險,只有在獲得足夠的風險補償時才會對股票市場有信心。否則,若A股市場繼續(xù)只重融資,輕回報,遲早會被投資者拋棄。(3)監(jiān)管部門要加大監(jiān)管力度,維護市場的健康發(fā)展。監(jiān)管部門一方面要控制股票內(nèi)資金的流入流出。流入是指新開股票帳戶所帶來的資金；流出是指退出投資的股票帳戶和上市公司IPO和再融資。另一方面,也有下大力氣,提高A股市場的投資價值。建立退市制度,讓業(yè)績差的公司退出A股市場,還要完善信息披露制度,打擊內(nèi)幕交易,充分保護投資者的利益。
[Abstract]:China's rapid economic development for 30 years, in the process of Chinese people accumulated wealth. This wealth management is urgently needed, in order to achieve the value of the assets. The society also need professional investors, these funds will be allocated effectively to promote economic development. Institutional investors as an important investment in the main body of wealth management, will play a role more and more important in the capital market. China's stock market has the following characteristics:
First, the stock market is an important part of capital market, since the establishment of the stock market, A shares of listed companies has been steadily rising in the amount of financing over the past three years the stock market average annual amount of financing reached more than 500 billion, providing valuable funds for investment and development of enterprises, promote economic and social development in China.
Second, China's stock market investors' benefits and risks do not match. The author found that 2007-2011 years after the statistics, the actual stock market overall revenue rate estimation is only 4%. less than half a year time deposits accumulated earnings. Different investor gains are not the same. The company's original shareholders received shares cost comparison low in the size of non lifting of the ban, they can get a lot of profit to sell shares through reduction; internal through insider trading, to obtain important information about the company in advance, and then buy low sell high, also a lot of profit. For ordinary investors, large losses is normal. But as an investment market. If investors cannot match the risks and benefits, sooner or later will only by investors away.
Third, cash dividends will be paid more and more attention. The return of listed companies to shareholders is ultimately reflected in cash dividends. If stock market wants to develop healthfully, we must strengthen shareholder returns.
Fourth, institutional investors, as an important representative of investors, will play an important role in achieving effective allocation of funds, promoting healthy development of stock market and increasing shareholder's return rate.
Therefore, the author believes that the relationship between the investors and the cash dividend research institutions is a topic worthy of study. Dividend policy as the three basic policies (investment, financing, dividend) has been one of the most controversial topics of economic scholars, many scholars from the shareholders, investors, the capital market efficiency of each angle are analyzed many theories on dividend policy. The influential MM theory, agency cost theory, signaling theory, a bird in the hand theory, life cycle theory and.MM theory in recent years that the company is independent of the value and dividend policy, agency cost theory between shareholders and managers is principal-agent relation, the shareholders (the principal who has the ownership of the company.) the company commissioned management (agent) to manage the company, due to the existence of information asymmetry between the principal and the agent said, their pursuit of their own To maximize the benefits, will cause the proxy problem. Among them, the negative information agent will conceal some of the company's adverse selection; moral hazard refers to the client agent given their rights and functions, by broadening their own resources, such as to provide their own luxury living and working conditions, blind investment and occupation of principal way the interests of the people. The theory of agency cost through cash dividends, reduce net cash flow. The company can reduce the agency cost. A bird in the hand theory refers to "double bird" in the Bush "a bird in the hand". Compared with those with free cash flow, the uncertainty (two birds), although it can with the re investment, so as to give investors more lucrative rewards, but investors love more tangible benefits, which can be firmly held in the hands of the dividend (a bird). When the enterprise life cycle theory. In the growth stage, enterprises should not pay dividends, and profits can be used for investment to make better profits. After entering the mature stage, enterprises should increase dividends and repay investors.
The influence of institutional investors on the company's major shareholder activism and supervision efficiency hypothesis. The main idea is to ensure the safety of funds institutional investors, institutional investors would not be satisfied merely to stock investment profit, but also to exercise the rights of shareholders to actively participate in the governance. The company involved in the company of the major business policy initiative by the general assembly of shareholders, dividend the policy of the vote. If investors believe that the company's investment strategy and institutional investors disagree, investors will choose to vote with their feet, sell the shares of the company.
Investment is a kind of risk management, investors according to their risk tolerance level, and obtain the corresponding compensation. The stock itself does not limit, investors return depends on the company's future profit, the company's future profit is uncertain. In bankruptcy liquidation, the right of shareholders is also lower than that of the stock bond. The risk is greater than the bond, the stock market should be reasonable to provide investors with more than buying bonds in return, can give investors a reasonable risk compensation.
In the A stock market, large losses of ordinary investors in China. These years, China's rapid economic growth, which listed companies are generally more outstanding enterprises in the industry, this is the company's profit growth rate than most industry growth rate is greater than the economic growth, the performance of Listed Companies in such good condition as investors, the shareholders of the company, from a legal sense has the ownership of the company, the company's revenue also returns to shareholders, but why investors or loss?
The ultimate source of investors to buy shares of profit is the cash dividend. This paper from the perspective of institutional investors, analysis of institutional investors in order to realize the value of funds, how to influence the dividend policy of listed companies. The listed companies will use cash dividend profit project investment is appropriate, but if the management of the company will profit through low interest bank or low investment profit project and other means of transferring profits, will reduce the value of the company, damage to the interests of investors.
Through the empirical study, we get the conclusion: increase the proportion of institutional investors, can increase the probability of cash dividends of listed companies. The cash dividend can reduce agency cost, receive a portion of funds in advance, investors can also reduce investment duration, thereby reducing the risk. Further, we found that the proportion of institutional investors have little effect on the level of cash dividends, this is because institutional investors are rational, will support the company's rational investment activities in China in the period of rapid economic growth, enterprises there is a big development space, and does not require the company will profit as much as possible to pay dividends. The cash dividend payment rate is higher, also cannot as a good corporate earnings signal. Because institutional investors have a relatively complete research system, regulatory authorities also set strict information disclosure system, institutional investment The company will judge the company's value from the company's long-term development ability.
Finally, the author believes that to maintain the healthy development of the stock market, we need to work: (1) institutional investors should strive to become the value found. This machine need to research more detailed and more capital investors rational investment. (2) listed companies should strengthen the investment of the shareholders is the company's return. The real owners have the right to enjoy all the benefits of company growth. Shareholders bear a higher risk in the purchase of company stock, only after obtaining adequate risk compensation will have confidence in the stock market. Otherwise, if the A stock market continue to only re financing, light return, sooner or later will be abandoned by investors (3). Supervision departments should intensify supervision, maintain the healthy development of the market. The regulatory authorities on the one hand to control the stock in the inflow and outflow of funds. The inflow refers to the new stock account funds brought; outflow refers to the withdrawal of stock investment IPO and refinancing of accounts and listed companies. On the other hand, it has great efforts to improve the investment value of A share market. Establish delisting system, let poor performance companies withdraw from the A share market, and improve information disclosure system, crack down on insider trading, and fully protect investors' interests.

【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51;F832.48

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