本文選題：機構投資者 + 公司治理�。� 參考：《江西財經大學》2012年碩士論文

【摘要】：隨著全球資本市場的發(fā)展,機構投資者在過去的三十年里也得到了迅猛的發(fā)展,他們在英、美等成熟市場國家的公司治理舞臺上,無疑已經成為了公司治理的主角,在處于經濟轉型形勢下的中國,隨著資本市場的不斷發(fā)展,我國以券商、基金、保險公司、社�；稹⑵髽I(yè)年金、QFII等為主的機構投資者得到了較快的發(fā)展,開始逐漸成為我國證券市場的主體,他們已經取代了個人投資者成為資本市場中主要的投資主體,同時也徹底的改變了公司的股權結構。 隨著機構投資者自身規(guī)模和持股規(guī)模的擴大,其在公司中的作用與地位不斷上升,日益成為優(yōu)化公司治理的重要因素。相對西方發(fā)達資本主義國家而言,我國證券市場不發(fā)達,市場容量相對較小,機構投資者規(guī)模也相對較小,然而在國家政策的大力支持下,我國的機構投資者也在迅速發(fā)展。從中國的機構投資者隊伍的發(fā)展歷程中,不難發(fā)現(xiàn)我國政府監(jiān)管部門對于發(fā)展機構投資者的積極態(tài)度是我國機構投資者得以高速發(fā)展的重要原因。在中國證券市場上,大股東掏空上市公司侵害中小股東利益的情況時有發(fā)生,因此機構投資者往往被寄予厚望。近年來機構投資者是否對上市公司治理機制的完善產生直接或間接的積極影響?其是否通過參與公司治理來影響上市公司現(xiàn)金股利政策? 本文首先回顧了國內外相關的研究成果,闡述了機構投資者與現(xiàn)金股利政策可能產生相關關系的理論,接著對機構投資者的基本特征以及上市公司現(xiàn)金股利政策的概況及特點進行了總結,最后對我國股權分置改革以后的數(shù)據進行分組,選取現(xiàn)金持有量低且投資機會高的公司樣本與現(xiàn)金持有量高且投資機會低的公司樣本,分別建立相應的Logistic和多元回歸模型進行實證考察機構投資者與現(xiàn)金股利的關系,得到相應的研究結論,并在這基礎上提出政策建議。本文共分為七章,各章的主要內容如下： 第零章為導論,主要對論文進行簡要介紹,具體包括研究的背景與問題的提出、研究的框架與主要內容以及研究的改進與創(chuàng)新。 第一章為文獻綜述,首先對國外關于機構投資者、現(xiàn)金股利以及二者關系的文章進行回顧,然后回顧了國內在機構投資者、現(xiàn)金股利及其二者關系的方面的文獻,最后對所回顧文獻做出整理和歸納。 第二章對機構投資者與現(xiàn)金股利現(xiàn)階段的發(fā)展和其特點進行分析。 第三章對機構投資者與現(xiàn)金股利理論進行分析,包括機構投資者“股東積極主義”、代理理論、顧客理論等一系列理論進行回顧和分析。 第四章對機構投資者“股東積極主義”作用機理做了分析,針對現(xiàn)金持有量低且投資機會高的公司中出現(xiàn)的管理層惡意派現(xiàn)行為,以及高現(xiàn)金持有量低投資機會的公司常常出現(xiàn)的代理問題,提出機構投資者對現(xiàn)金股利政策的積極作用,構建機構投資者與現(xiàn)金股利的理論模型。 第五章實證分析了機構投資者對上市公司股利政策是否造成影響以及發(fā)生了什么樣的作用；以2006年到2010年的A股上市公司為研究對象,對公司樣本進行分組,分別檢驗了機構投資者在低現(xiàn)金持有量高投資機會公司以及在高現(xiàn)金持有量低投資機會公司通過參與公司治理對現(xiàn)金股利政策造成的影響。 第六章是對論文研究成果的總結,包括研究結論與啟示、研究的局限性和進一步研究的方向。本文主要研究結論有：(1)現(xiàn)金股利派現(xiàn)概率與機構投資者持股比例顯著相關：在現(xiàn)金持有量低且投資機會高的公司中,派現(xiàn)概率與機構投資者呈負相關關系；(2)現(xiàn)金股利派現(xiàn)概率與機構投資者持股比例顯著相關：在現(xiàn)金持有量高且投資機會低的公司中,派現(xiàn)概率與機構投資者呈正相關關系；(3)現(xiàn)金股利多少與機構投資者持股比例顯著相關：在現(xiàn)金持有量低且投資機會高的公司中,現(xiàn)金股利多少與機構投資者呈負相關關系；(4)現(xiàn)金股利多少與機構投資者持股比例顯著相關：在現(xiàn)金持有量高且投資機會低的公司中,現(xiàn)金股利多少與機構投資者呈正相關關系。
[Abstract]:With the development of the global capital market, institutional investors have also developed rapidly in the past thirty years. They have undoubtedly become the leading role of corporate governance on the stage of corporate governance in mature market countries such as Britain and the United States. In China under the situation of economic transformation, with the continuous development of capital market, China is based on securities dealers. The institutional investors, such as gold, insurance company, social insurance fund, enterprise annuity, QFII and so on, have developed rapidly and gradually become the main body of our securities market. They have replaced individual investors as the main investment subjects in the capital market, and have completely changed the company's ownership structure.
With the expansion of the scale of institutional investors and the size of their shareholding, their role and position in the company is increasing, and it is increasingly becoming an important factor for optimizing the corporate governance. Compared with the western developed capitalist countries, China's securities market is underdeveloped, the market capacity is relatively small, and the scale of institutional investors is relatively small, however, in the country, the scale of the institutional investors is relatively small. In the course of the development of China's institutional investors, it is not difficult to find that the positive attitude of the government regulatory authorities to the institutional investors is an important reason for the rapid development of institutional investors in China. In the Chinese securities market, the large shareholders have taken out the emptying of the stock market. In recent years, institutional investors have a positive or indirect effect on the improvement of the governance mechanism of listed companies. Is it possible to influence the cash dividend policy of listed companies by participating in corporate governance?
This paper first reviews the relevant research results at home and abroad, expounds the theory that the institutional investors may have a correlation with the cash dividend policy, and then summarizes the basic characteristics of institutional investors as well as the general situation and characteristics of the listed company's cash dividend policy, and finally points out the data after the split share reform in China. Group, select the company samples with low cash holdings and high investment opportunities and the company samples with high cash holdings and low investment opportunities, establish the corresponding Logistic and multiple regression models to investigate the relationship between institutional investors and cash dividends respectively, and get the corresponding research conclusion, and put forward the policy suggestions on this basis. It is divided into seven chapters, and the main contents of each chapter are as follows:
Chapter zero is an introduction, which is a brief introduction to the paper, including the background and problems of the study, the framework and main content of the research, and the improvement and innovation of the research.
The first chapter is a literature review. First, it reviews foreign articles about institutional investors, cash dividends and the relationship between the two parties, and then reviews the domestic literature on institutional investors, cash dividends and their two party relations, and finally collated and regrouped the literature reviewed.
The second chapter analyzes the development and characteristics of institutional investors and cash dividends at this stage.
The third chapter analyzes institutional investors and cash dividend theory, including institutional investors "Shareholder Activism", agency theory, customer theory and a series of theories to review and analyze.
In the fourth chapter, the mechanism of institutional investors' shareholder activism is analyzed. In the case of low cash holdings and high investment opportunities, the management malware, as well as the agency problems often appear in the companies with high cash holdings and low investment opportunities, put forward the positive work of institutional investors on the cash dividend policy. A theoretical model of institutional investors and cash dividends is constructed.
The fifth chapter empirically analyses whether institutional investors have an impact on the dividend policy of listed companies and what kind of effect they have. From 2006 to 2010, the A shares listed companies are the research objects, and the company samples are grouped to test the institutional investors with high investment opportunities in low cash holdings and high cash holdings. The impact of low investment opportunity companies on cash dividend policy through participation in corporate governance.
The sixth chapter is a summary of the research results of the paper, including the conclusions and Enlightenment of the research, the limitations of the research and the direction of further research. The main conclusions are as follows: (1) the probability of cash dividend dispatch is significantly related to the proportion of institutional investors: in the companies with low cash holdings and high investment opportunities, the probability of dispatch and the institutional investment are found. There is a negative correlation; (2) the probability of cash dividend dispatch is significantly related to the proportion of institutional investors: in companies with high cash holdings and low investment opportunities, the probability of cash dividend has a positive correlation with institutional investors; (3) the amount of cash dividends is significantly related to the proportion of institutional investors: low cash holdings and investment machines There is a negative correlation between the number of cash dividends and institutional investors; (4) the amount of cash dividends is significantly related to the proportion of institutional investors: in the companies with high cash holdings and low investment opportunities, the amount of cash dividends is positively related to institutional investors.

【學位授予單位】：江西財經大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F224

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本文編號：1853365