“三类股东”的持股动机与收益偏好研究

A Study on Shareholding Motivation and Income Preference of“Three Types of Shareholders”

"三类股东"是对契约型基金、资产管理计划以及信托计划股东的统称。本文基于2013-2017年A股样本,就"三类股东"的持股动机及收益偏好进行了研究,主要结论如下:1)"三类股东"持股有获取投资收益的动机,但弱于一般机构投资者,其中,资管计划类股东的这一动机尤其不明显;2)与机构投资者整体不同,相对资本利得,"三类股东"更不倾向于通过股利来获取投资回报;3)"三类股东"持股比例与上市公司其他应收款以及关联交易之间正显著相关,这种与大股东行为的一致性,表明"三类股东"有替大股东"代持"股份的可能。因此本文建议,监管者应对此予以关注,加强监管和规范。

"Three types of shareholders"is a collective term for shareholders of contract funds,asset management plans and trust plans.Based on the sample of A shares in 2013-2017,this paper studies the motivations and income preferences of the"three types of shareholders".The main conclusions are as follows:1)The"three types of shareholders"have the motivation to obtain investment income,but they are weaker than ordinary institutional investors.Among them,the motive of asset management plan shareholders is particularly not obvious;2)Unlike institutional investors as a whole,relative to capital gains,"three types of shareholders"are less inclined to obtain investment returns through dividends;3)"three types of shareholders"shareholding ratio and other receivables、related party transactions of the listed companies are positively correlated.This consistency with the actions of the major shareholders shows that the"three types of shareholders"have a"surrogate"or"holding shares in lieu of others"motive.This article suggests that regulators should pay attention to this,and should strengthen supervision and regulation.