机构投资者持股、现金股利政策与公司价值——来自2005-2010年中国上市公司的经验证据

Institutional Ownership, Cash Dividend Policy and Corporate Value: Evidence from Chinese Listed Companies

现金股利政策,决定了机构投资者的收益模式选择——长期持有的价值投资抑或短期频繁买卖的投机炒作,进而影响机构投资者能否帮助上市公司提升公司价值。论文基于2005-2010年中国A股上市公司7159个年度观察数据,实证研究发现,当且仅当上市公司(连续)发放(较高)现金股利时,机构投资者持股才能显著提升公司的市场价值,而且此时机构投资者持股比例还必须达到较高的水平。该结论在控制内生性、计量模型选择、变量度量等问题后仍然稳健成立。

The cash dividend policy directly decides institutional investors＇ choice of income patterns--long-term holding for value investment or short-term and frequent dealing for spread profit, and then influences whether institutional investors would help improve corporate value. Using 7159 firm-year observations of Chinese A-share listed companies during 2005 to 2010, we find that institutional investors can enhance corporate value if and only if the companies （continually） pay （high） cash dividend. At the same time, institutional investors＇ ownership should be large enough. We test for potential problems of endogeneity, econometric model selection, and variable measurement, and find our results to be robust.