机构持股、融资约束与公司分红

Institutional Holdings, Financial Constraints, and Corporate Dividends

本文以2005年至2015年我国A股主板市场的上市公司为研究对象,对机构持股水平和公司分红水平之间的关系进行了实证研究。研究表明:第一、机构投资者持股显著提升了公司分红水平。第二、相对于投机型机构,稳健型机构的介入对公司红利水平有更为显著的提升效应,投机型机构更为偏好持有沪深300成分股。第三、尽管公司层面的融资约束程度不影响机构投资者对于分红水平正向影响,但是会对敏感度产生调节作用。在高融资约束公司中,机构投资者的介入对红利水平的提升效应更为显著。整体上,本文的研究结论在我国监管部门当前大力发展机构投资并提倡上市公司通过分红回报投资者的背景下,具有明晰的政策含义。

Based on the data of A-share listed firm of Chinese main board market from 2005 to 2015, this paper mainly discuss- es the relationship between institutional holdings and corporate dividends. Our empirical results show that, （1） there is a signifi- cantly positive relationship between institutional holdings and corporate dividends; （2） compared to speculative institutional in- vestors, holdings of steady institutional investors will increase corporate dividends more significantly, and speculative institu- tional investors prefer to holding corporate shares of constituent stocks of CSI-300 index; （3） financial constraint will not change the positive relationship between corporate dividends and institutional holdings, but it will influence sensitivity. In par- ticular, holdings of institutional investors will increase corporate dividends more significantly in public companies of high-level financial constraint than low. Overall, our findings present clear policy implications under the background that Chinese regula- tors develop institutional investors and promote listed firms reciprocate individual investors by dividends.