Institutional Investors,Corporate Governance and Pay out Policy of Listed Companies
- 管理学院－已发表论文 
本文实证研究了2001—2004年间中国证券市场中机构投资者持股、公司治理与上市公司股利政策之间的关系。针对我国特殊的股权结构制度背景下,现金股利政策的两种理论观点——"自由现金流假说"和"利益输送假说"以及在我国资本市场上呈现的"恶意派现"现象,实证检验了我国机构投资者是否能够发挥治理、监督作用。研究结果发现:在2001—2004年间,机构投资者持股公司的每股现金股利发放水平显著地高于非机构投资者持股的公司,发放现金股利公司的机构投资者的持股比例显著地高于不发放现金股利公司,公司现金股利发放水平成为投资者构建投资组合的重要标准;机构投资者的持股比例不会对上市公司的股利政策产生影响,对于我国上市公司近年来出现的"恶意派现"现象,机构投资者发挥了其监督治理职能,机构投资者持股比例越高,上市公司发生"恶意派现"的可能性越小。This paper provides an empirical analysis of the relationship between institu- tional ownership,corporate governance and dividend policy in the Chinese stock market during the period 2001—2004. In the past fifty years,the institutional investors have developed dramatically and become one of the most important forces on the major capital markets worldwide.With institutional investors holding rising shares,they begin to participate in corporate governance actively.In- stitutional investors,as a corporate governance mechanism,have also become one of the sig- nificant subjects in the academic research of corporate governance. It is widely accepted that paying cash dividend might mitigate agency problem between majority shareholder and minority shareholders.The research indicates that in China's stock market,firms with intermediate or high shareholding concentration have higher incentive to pay cash dividend.Cash dividends may be the instrument by which big shareholders transfer funds,not reflecting the interest and wishes of the small and middle investors.In this paper, we investigate whether institutional investors can affect corporate payout policies. The empirical results show that publicly listed companies with institutional ownership pay more cash dividends than those without institutional ownership;publicly listed companies pay cash dividends institutional investors holdings more than those did not pay dividends. Higher institutional holdings do not affect company psyout policy.Further analysis shows that institutional investors playing a more active role in corporate governance to restrict com- parties"hostile pay dividends".Additional analyses suggest that institutional investors begin to pay more attention to the value of companies,input for investment decisions according to company's payout policy.