机构投资者对现金股利影响的实证分析

An Empirical Study on the Relationship between Institutional Investors and Dividend

机构投资者和现金股利被认为具有保护投资者利益的功能,但现有文献缺乏对机构投资者和现金股利关系的分析。利用2001—2009年上市公司数据进行实证分析,结果表明:机构投资者数量和信息披露对现金股利有显著性正面影响,而个人投资者数量对现金股利有显著性负面影响,说明机构投资者有股利偏好行为,信息披露有强化股利信号的传递功能。实证结果还表明,机构投资者的数量比所有权对现金股利有更重要的影响。

Institutional investor and dividend are regarded to have the function to protect investor′s interest,but literature about their relation is rare.Using the data of Shengzhen Stock Exchange during 2001-2009,the paper makes an empirical study.The results show that the scale of institutional inventors and information disclosure has positive significant impacts on dividend,but that of individual investors has negative impacts on dividend significantly,which shows that institutional investors have partiality for dividend comparing with individual investor.Information disclosure can enhance the information transferring function of dividend.The scale of institutional investor has more important impacts on dividend than the ownership of institutional investor.