QFII持股与上市公司的现金股利政策——来自2008～2011年中国A股上市公司的证据  

QFII Share-holding and Cash Dividend Policy of Listed Companies——Evidence of Chinese A-share Listed Companies from 2008 to 2011

作　　者：吴卫华[1] 万迪昉[1] 

机构地区：[1]西安交通大学管理学院,陕西西安710049

出　　处：《山西财经大学学报》2012年第11期46-53,共8页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目(70972101和71173166)

摘　　要：通过搜集2008～2011年我国A股上市公司年报中十大股东和十大流通股东的数据,研究了QFII持股比例与上市公司现金股利政策之间的关系。实证结果表明:QFII偏好现金分红的公司,而现金分红的公司也能够吸引QFII持股;QFII持股能够促进上市公司提高现金股利支付率,但是具有更高现金股利支付率的上市公司并不能吸引更多的QFII持股。这表明,QFII在改善我国上市公司现金股利政策方面起到了积极的作用,引入QFII制度有助于我国证券市场的健康稳定发展。This paper collects the data from the top ten stockholders and the top ten shareholders of tradable shares disclosed in the annual reports during 2008-2011 in Chinese A-share market,and examines the relationship between QFII share ratio and the cash dividend policy of listed company.The empirical results show that QFII prefers companies which pay cash dividends,and the payout companies can also attract QFII;QFII can promote the increasing of the list companies＇ payout ratio,but the companies which have higher payout ratio can not attract more QFII share-holding.The above results indicate that QFII plays a positive role in improving the dividend policy of China＇s listed companies,and this institution contributes to the stable and healthy development of China＇s stock market.

关 键 词：合格境外机构投资者(QFII) 股利政策 现金分红 股利支付率 

分 类 号：F830.39[经济管理—金融学]