机构持股、控股股东与现金股利政策

Institutional Ownership, the Controlling Shareholder and Cash Dividend Policy

机构投资者如何影响上市公司的现金股利政策?结合控股股东性质与控股权比例,本文采用Logistic与多元线性回归的方法,考察了2008~2012年沪深A股上市公司的机构投资者对于现金股利政策的影响。实证发现:(1)机构持股与现金股利支付意愿(即是否分配股利)正相关,机构持股越多,上市公司的现金股利支付意愿越高;进一步研究发现机构持股对于国有控股企业的现金股利支付意愿影响更大。(2)机构持股与现金股利支付水平(即分配多少)负相关,机构持股会抑制上市公司现金股利的支付水平;进一步研究发现,机构持股对现金股利支付水平的抑制作用更多地体现在非国有控股企业,而国有控股企业的现金股利支付水平却与机构持股正相关。

How institutional investors affect the cash dividend policy of listed companies？ Combined with the nature and proportion of controlling shareholder, this paper studies the relationship between the cash dividend policy and the institutional investors of A-share listed companies in Shanghai and Shenzhen stock markets from 2008 to 2012. We find that： （1） the institutional ownership and the willingness of cash dividend payment （whether or not） is positively related, which means the more the institutional ownership is, the higher the willingness of cash dividends to pay; further, the influence of institutional ownership on cash dividend payment in SOEs is greater. （2） the institutional ownership and the level of cash dividend payment （how much） is negatively related, which means institutions group prevents the pay levels of listed companies; further, the inhibition of institutional ownership to cash dividend payment level is embodied in non-SOEs, and the level of cash dividend payment in SOEs is positively related with institutional ownership.