投资者调研与现金股利政策——来自深圳证券交易所上市公司的经验证据

The Impact of Investor's Site Visit on Cash Dividends Policy:Evidence from Listed Companies on Shenzhen Stock Exchange

本文以2013-2017年有盈利的深圳证券交易所上市公司为研究样本,实证检验投资者调研与现金股利政策的关系。研究发现,投资者调研显著提高了公司发放现金股利的意愿及水平,降低了公司实施异常低现金股利政策的可能性,并且这种影响在实际控制人存在两权分离的公司中更为明显,同时以上情形主要存在于非国有企业。进一步检验发现,投资者调研不仅通过抑制控股股东关联交易或占用款项援取私利的行为来改善公司股利政策,还能够促使公司将无现金分红提案变更为现金分红提案以保护中小股东权益。

This paper used the profitable listed firms in Shenzhen Stock Exchange from year 2013 to 2017 as samples,using the multiple regression analysis methods,we test the impact of investors'site visit on the companies'cash dividend policies.We find that the more frequently a firm is visited by institutional investors,the more willingness to pay cash dividends is and the higher cash dividend payout ratio is.Additionally,investor's site visited decrease the probability of abnormal low dividend policies used by companies.The above relationship is more pronounced in firms with the separation of rights.The aforementioned findings concentrate mainly in non-SOEs.Further analysis shows that the institutional investors'site visits significantly inhibited the controlling shareholders'behavior of pursuing selfinterest through the related transactions or taking money for personal gain and reduced the pass rate of the non-cash dividend policies.