地理距离能够影响基金持股的治理效应吗?——基于上市公司股利政策的研究  

Does Geographical Distance Affect the Monitoring Role of Fund Shareholders? Evidence from Dividend Policy of Listed Companies

作　　者：白雪莲[1] 张俊瑞[1] 刘彬[1,2] 

机构地区：[1]西安交通大学管理学院 [2]香港城市大学商学院

出　　处：《中央财经大学学报》2015年第8期54-63,共10页Journal of Central University of Finance & Economics

基　　金：国家自然科学基金项目"管理层社会网络;多元化与企业盈余质量研究"(71472148);国家自然科学基金项目"基于投资者保护视角的或有专项披露及其经济后果研究"(71172186);国家自然科学基金项目"股权激励;管理层权力与公司风险担当"(71402141);教育部新世纪人才支持计划项目"资产结构;资产流动性与企业价值"(NCET-07-0309)

摘　　要：笔者从信息优势视角出发,以2004—2013年我国A股上市公司为研究样本,对比研究与上市公司地理距离远近的两类基金持股对现金股利政策的影响差异。研究发现,在高现金流、低成长公司中,本地与非本地基金持股效应一致,均发挥了积极的治理作用,表现为持股比例越高,公司现金股利水平越高;在低现金流、高成长公司中,非本地基金未能识别此类公司的特殊性,总体上依然正向影响股利水平,而持股周期在一年以上的本地基金,凭借信息优势以及长期持股动机,对低现金流、高成长公司的现金股利水平具有反向作用,提高了这类公司股利政策的合理性。研究结论支持了地理距离对基金持股治理效应的影响。Based on the sample of A listed companies from year 2004-2012, this paper examines the different effect of fund shareholdings on cash dividend policies of companies invested by fund firms located near the companies or far away from the companies. It concludes that both local funds and nonlocal funds play a positive role in making cash dividend policy in slow growth companies holding high free cash. With the increasing proportion of fund shareholdings, the companies＇ cash dividend level is significant improved. However, in fast growth companies holding low free cash flow, nonloeal funds still require high level of cash dividend without considering the states of the companies, but local funds who holding period more than one year show a different role. Based on the information advantage and holding motivation, the local long-term fund shareholdings is negative with cash dividend level, indicating that the rationality of dividend policy has been improved. These findings are consistent with the notion that geographical location affects the monitoring role of fund shareholders.

关 键 词：基金持股 地理距离 持股周期 股利政策 

分 类 号：F271.5[经济管理—企业管理]