摘要
研究OFII的投资行为对于我国在有限开放资本市场过程中发挥QFII制度的积极作用意义深远c以2004—2012年中国A股上市公司为研究样本,采用logit和tobit模型,本文从静态和动态两个维度检验了现金股利政策对OFII投资偏好的影响,发现:(1)从静态的角度来看,以持股倾向和持股比例度量的QFII投资偏好,与上市公司上一年度实施过现金股利分配以及现金股利支付水平显著正相关;(2)从动态的角度来看,QFII的持股偏好与上市公司近几年连续实施过现金股利分配及近几年现金股利平均支付水平呈显著正相关关系。本文的研究结论表明,在中国资本市场上,现金股利政策向QFII传递了上市公司的有关信息,最终影响了QFII的投资决策.
The research on the investment behavior of QFIIs is significantly meaningful for the QFII system to play an active role during China's limited liberalization of capital market.Taking China's A-share listed companies during the period from 2004 to 2012 for example and by using logit and tobit models,this paper examines the influence of cash dividend policies on the investment preferences of QFIIs from static and dynamic dimensions.The evidence indicates that QFIIs show preferences for firms to pay(more) cash dividends in die previous year or pay cash dividends continuously during the last few years.Moreover,the shareholding ratios of QFIIs have significantly positive relationship with the level of cash dividends of firms.The results suggest that cash dividend policies convey some information about listed firms to QFIIs in China's capital market,and finally affect the decision making of QFIIs.
出处
《上海金融》
CSSCI
北大核心
2014年第1期71-77,118,共7页
Shanghai Finance
基金
2012年上海高校青年教师培养资助计划项目”政策干预、现金股利政策与公司价值”
2014年上海市教委科研创新项目“现金股利的治理功能及其效应研究”(14YS100)
上海市一流学科应用经济学建设项目
