机构投资者是否偏好现金股利——来自2005—2013年的经验证据

Do Institutional Investors Prefer Cash Dividend:the Evidence from 2005 to 2013

本文研究股权分置改革后,机构投资者如何参与和影响上市公司股利政策制定,研究发现:(1)机构投资者倾向于"用手投票",更有可能向上市公司索取现金股利;(2)机构投资者持股比例越高,索取现金红利作为回报的动机越强;(3)机构投资者的参与,不仅增加现金红利发放的概率,也提高了现金红利发放水平;(4)上市公司可能利用股利政策吸引机构投资者。

This paper studies the impact of the institutional investors＇ behavior on the corporate dividend policy after the implement of the reform of nontradable shares in ChinaThe results show the institutional investors have a preference of cash in hand which causes the firms be hold by them have a higher odd to distribute the eash dividend as well as a higher levelMoreoverthe public companies might take advantages of this preference to draw institutional investors.