“散户”积极主义与公司现金股利政策——以舆论关注为研究视角

Retail Investor Shareholder Activism and the Payout Policy:the Power of the Public Attention

在互联网时代,个人中小投资者可以利用网络社交媒体发布对公司各类财务政策的关注。这种网络舆论关注,是"散户"积极主义的一种表现形式。网络股吧中所发布的与股利相关的留言,为研究网络舆论关注是否能够对公司股利分配政策产生积极的经济后果提供了研究契机。基于东方财富网"股吧"所提供的网络舆论数据,以2009—2014年沪深两市的A股公司为研究样本的研究表明,这种新形式的股东积极主义能够提高被关注公司的派现意愿和派现水平,一定程度上提高了对中小投资者的权益保护水平。

In the Internet era, retail investors post their opinions on corporate financial policies on social media, en- gaging in a new form of shareholder activism. We adopt data from Internet message boards to investigate whether this new form of shareholder activism could lead to economic consequence. We have found that these public attentions could improve the payout propensity and the payout ratio of firms receiving extensive attention.