私募股权投资对创业板上市公司股利政策的影响效应研究

Research on the Impact of Private Equity on Dividend Policy of Listed Companies

2016年年底,我国私募基金规模首度超过公募基金规模;2017年1月,私募股权投资基金(PE)规模超过私募证券投资基金规模。正是如此,研究PE对金融市场的影响效应成为一大热点。本文以2009~2015年创业板上市公司为样本,实证检验了PE对上市公司现金股利政策的影响效应。实证结果表明:存在私募股权机构投资的企业、有外资股东背景的私募参与的上市公司更倾向于分配现金股利,且股利支付水平更高;私募股权投资机构投资规模越大,投资持有期越长,则所投资公司更倾向于支付股利,支付率也更高;私募股权机构联合投资的公司也更倾向支付现金股利,且股利支付率更高。本文认为引进境外投资者,加强私募股权机构间相互合作,有利于私募股权投资行业的健康发展。

At the end of 2016, private fund size in China outnumbered public fund size for the first time. In January 2017, the size of private equity(PE) fund exceeded that of private securities investment fund. Thus, the research on PE has a great theoretical and practical significance. Most papers on PE focus on the impacts of PEs on corporate performance and corporate governance, but ignore their effects on the operating decisions of listed companies. This paper uses hypothesis test to explore how PEs affect the cash dividend policy of listed companies with the data of listed companies in GEM between 2009 and 2015. The empirical results show that companies with PE shareholders are more inclined to allocate cash dividends and have a higher dividends payout ratio. Compared to those with no foreign PE shareholders, companies invested by PEs with foreign investors have more tendency to allocate cash dividends and their dividends payout ratio are higher. Similarly, the size and the holding period of PE investment are positively correlated to the allocation tendency of cash dividend and dividend payout ratio of portfolio companies. We also have the same conclusion to the companies jointly invested by two or more PE institutions.