IPO退出的私募股权、风险资本对于上市公司现金分红的影响——来自沪深两市的实证研究

The Influence of Private Equity and Venture Capital of Exited IPO on the Cash Dividends of Listed Companies——The Empirical Studies from Shanghai and Shenzhen Stock Markets

国内外大量文献在理论和实证方面研究表明,机构持股与上市公司现金分红之间存在正向关系,这已经成为学界的共识。PE/VC对实体经济影响的研究显示,PE/VC投资于某一公司会向市场传递出信号,形成信号理论。以此为基础,本文从理论和实证两方面研究得出该信号是影响机构投资者投资该公司的因素之一,两者之间呈正相关关系。利用机构持股与公司现金分红之间的正向关系这一结论,证明了高比例的PE/VC投资占比会增加公司现金分红。

A large number of literatures both at home and abroad have shown that there is a positive relationship between the insti-tutional shareholding and cash dividend of listed companies in the theoretical and empirical studies,which has become an academic consensus.The study on the impact of PE/VC on the real economy shows that PE/VC investment in a company will send signals to the market to form a signal theory.Based on this,the paper concludes from the theoretical and empirical studies that the signal is one of the factors that influence the institutional investors' investment in the company,and the relationship between them is positively correlated.Using the positive relationship between the institutional shareholding and corporate cash dividend,it is proved that a high proportion of PE/VC investment will increase the cash dividend of listed companies.