机构投资者对现金股利影响的实证分析  

An Empirical Study on the Relationship between Institutional Investors and Dividend

作　　者：申尊焕[1] 

机构地区：[1]西安电子科技大学经济管理学院,陕西西安710071

出　　处：《财贸研究》2011年第2期113-119,共7页Finance and Trade Research

基　　金：教育部人文社会科学规划项目"机构投资者治理的理论分析与实证检验"(批准号:09XJA790008);西安电子科技大学基本科研业务费资助项目"信息披露;治理结构和公司绩效关系研究"(编号:72104888)

摘　　要：机构投资者和现金股利被认为具有保护投资者利益的功能,但现有文献缺乏对机构投资者和现金股利关系的分析。利用2001—2009年上市公司数据进行实证分析,结果表明:机构投资者数量和信息披露对现金股利有显著性正面影响,而个人投资者数量对现金股利有显著性负面影响,说明机构投资者有股利偏好行为,信息披露有强化股利信号的传递功能。实证结果还表明,机构投资者的数量比所有权对现金股利有更重要的影响。Institutional investor and dividend are regarded to have the function to protect investor′s interest,but literature about their relation is rare.Using the data of Shengzhen Stock Exchange during 2001-2009,the paper makes an empirical study.The results show that the scale of institutional inventors and information disclosure has positive significant impacts on dividend,but that of individual investors has negative impacts on dividend significantly,which shows that institutional investors have partiality for dividend comparing with individual investor.Information disclosure can enhance the information transferring function of dividend.The scale of institutional investor has more important impacts on dividend than the ownership of institutional investor.

关 键 词：机构投资者数量 机构投资者所有权 个人投资者 现金股利 信息披露 

分 类 号：F832.5[经济管理—金融学]