本文選題：機(jī)構(gòu)投資者 + 異質(zhì)性　； 參考：《山東大學(xué)》2012年碩士論文

【摘要】：伴隨著中國(guó)證券市場(chǎng)的迅速發(fā)展,目前我國(guó)已經(jīng)形成了以證券投資基金為主,保險(xiǎn)基金、社�；稹FII等共同發(fā)展的多元化機(jī)構(gòu)投資者格局。2005年啟動(dòng)的股權(quán)分置改革從根本上改變上市公司的股權(quán)結(jié)構(gòu),提高機(jī)構(gòu)投資者的持股比例,利于其監(jiān)督治理能力進(jìn)一步提升從而在整體上提高上市公司的治理水平,為機(jī)構(gòu)投資者的發(fā)展以及其發(fā)揮監(jiān)督治理作用,提供了更健康的機(jī)制和環(huán)境。 本文通過對(duì)中國(guó)滬深證券交易所非金融保險(xiǎn)類A股上市公司2006年至2010年數(shù)據(jù)進(jìn)行研究,分析了機(jī)構(gòu)投資者總體和異質(zhì)機(jī)構(gòu)投資者和現(xiàn)金股利的關(guān)系。同時(shí)結(jié)合這段時(shí)期中國(guó)股票市場(chǎng)受到美國(guó)次貸危機(jī)影響大起大落的情況,分階段考察了機(jī)構(gòu)投資者持股對(duì)現(xiàn)金股利的影響和投資偏好。 通過實(shí)證研究發(fā)現(xiàn)： 機(jī)構(gòu)投資者能夠參與到公司治理,影響現(xiàn)金股利支付概率和支付水平,但是影響程度和階段性又有不同。派現(xiàn)概率方面,證券投資基金、QFII和社�；鸪止杀壤礁�,上市公司越傾向于派現(xiàn)。其中證券投資基金在金融危機(jī)前后,其持股比例與派現(xiàn)概率與水平都存在顯著正向關(guān)系,公司治理效果較好。QFII在2006年至2007年顯著正向影響派現(xiàn)概率。社�；鸬挠绊懥υ�2008年至2010年度樣本中才得以體現(xiàn)。保險(xiǎn)公司持股與派現(xiàn)概率無(wú)顯著關(guān)系。在派現(xiàn)水平方面,只有證券投資基金在金融危機(jī)前后都能顯著正向影響每股現(xiàn)金股利。 現(xiàn)金股利政策是機(jī)構(gòu)投資者選股持股的標(biāo)準(zhǔn)之一,但金融危機(jī)前后,各類機(jī)構(gòu)投資者對(duì)現(xiàn)金股利偏好有所變化。金融危機(jī)前,只有證券投資基金、社�；鹪谶x股時(shí)考慮了現(xiàn)金股利因素。金融危機(jī)后,絕大多數(shù)機(jī)構(gòu)投資者都將現(xiàn)金股利支付水平視為重要的選股因素,原因可能在于,從2008年開始,我國(guó)股票市場(chǎng)下行,投資者在二級(jí)市場(chǎng)上獲得資本利得難度增大,因此更加關(guān)注上市公司股利政策。
[Abstract]:With the rapid development of China's securities market, at present, China has formed a securities investment fund, an insurance fund, The split share structure reform launched in 2005 fundamentally changed the ownership structure of listed companies and increased the shareholding ratio of institutional investors. It is conducive to the further improvement of its supervisory and governance ability so as to improve the governance level of listed companies as a whole and provide a healthier mechanism and environment for the development of institutional investors and their role in supervision and governance. By studying the data of non-financial and insurance A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2006 to 2010, this paper analyzes the relationship between institutional investors as a whole and heterogeneous institutional investors and cash dividends. At the same time, combined with the situation that the Chinese stock market was greatly affected by the American subprime mortgage crisis during this period, the influence of institutional investors' shareholding on cash dividend and investment preference were investigated in stages. Through empirical research, it is found that institutional investors can participate in corporate governance and affect the probability and level of cash dividend payment, but the influence degree and stage are different. In the aspect of payout probability, the higher the proportion of QFII and social security fund is, the more inclined the listed company is to pay cash. Before and after the financial crisis, there is a significant positive relationship between the shareholding ratio and the payout probability and the level of the securities investment fund. The effect of corporate governance is good. QFII has a significant positive impact on the payout probability from 2006 to 2007. The impact of the Social Security Fund in the 2008-2010 sample only to be reflected. There is no significant relationship between the share holding of insurance company and the payout probability. In terms of payout level, only securities investment funds can significantly positively affect cash dividends per share before and after the financial crisis. Cash dividend policy is one of the criteria for institutional investors to choose shares, but before and after the financial crisis, all kinds of institutional investors' preference for cash dividend has changed. Before the financial crisis, only securities investment funds, social security funds in stock selection when the cash dividend factor. After the financial crisis, most institutional investors regard the level of cash dividend payment as an important stock selection factor. The reason may be that, since 2008, the stock market of our country has been declining, and it has become more difficult for investors to obtain capital gains in the secondary market. Therefore, pay more attention to the dividend policy of listed companies.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 王宇;現(xiàn)金股利政策信號(hào)傳遞研究[J];財(cái)會(huì)通訊;2004年16期

2 申景奇;;機(jī)構(gòu)投資者投資行為行業(yè)比較分析[J];財(cái)會(huì)通訊;2010年20期

3 薛斐;公司股利理論及新發(fā)展[J];管理科學(xué);2004年03期

4 吳世農(nóng),吳育輝;我國(guó)證券投資基金重倉(cāng)持有股票的市場(chǎng)行為研究[J];經(jīng)濟(jì)研究;2003年10期

5 姚頤;劉志遠(yuǎn);王健;;股權(quán)分置改革、機(jī)構(gòu)投資者與投資者保護(hù)[J];金融研究;2007年11期

6 宋玉;;最終控制人性質(zhì)、兩權(quán)分離度與機(jī)構(gòu)投資者持股——兼論不同類型機(jī)構(gòu)投資者的差異[J];南開管理評(píng)論;2009年05期

7 秦江萍,王懷棟;中國(guó)上市公司現(xiàn)金分紅實(shí)證分析[J];財(cái)會(huì)研究;2004年08期

8 董峰;羅莉;;不同類型機(jī)構(gòu)投資者持股對(duì)上市公司現(xiàn)金股利政策影響研究[J];會(huì)計(jì)師;2011年04期

9 楊寶;管考磊;;公司股利政策代理理論研究:述評(píng)與展望[J];生產(chǎn)力研究;2011年02期

10 周鳳華;;機(jī)構(gòu)投資者持股與上市公司價(jià)值相關(guān)性的實(shí)證研究[J];山東輕工業(yè)學(xué)院學(xué)報(bào)(自然科學(xué)版);2010年02期

相關(guān)博士學(xué)位論文 前2條

1 羅棟梁;我國(guó)機(jī)構(gòu)投資者與上市公司治理的實(shí)證研究[D];西南財(cái)經(jīng)大學(xué);2007年

2 唐松蓮;機(jī)構(gòu)投資者選股能力及其持股行為的經(jīng)濟(jì)效果研究[D];上海交通大學(xué);2009年

相關(guān)碩士學(xué)位論文 前2條

1 王治平;中國(guó)上市公司股權(quán)結(jié)構(gòu)與現(xiàn)金股利政策的關(guān)系研究[D];暨南大學(xué);2011年

2 黃彪;機(jī)構(gòu)投資者持股與上市公司現(xiàn)金股利政策研究[D];北京工商大學(xué);2010年

，

本文編號(hào)：2076392