Journal of Banking & Finance · Vol.65,APRIL2016

機構持股與公司現金股利政策：來自中國的證據

作者：Michael Firth (Lingnan University), Jin Gao (Lingnan University), Jianghua Shen (Hong Kong University of Science and Technology), Yuanyuan Zhang (Lingnan University; Advisory Services, Ernst & Young LLP)

摘要：代理理論認為外部股東喜歡更高的股利支出，由此可以減少由内部人控制的企業的自由現金流。本文調查了中國在2003-2011年間共同基金（通常是最重要、最有影響力的外部股東）對公司股利支付的影響。我們發現共同基金使公司支付更高的現金股利。結果與退出理論的預測一緻。在由國家和地方政府控制的公司以及自由現金流相對較高的公司，共同基金的影響更為明顯。我們還發現，當共同基金的投資期限越長，所有者權益越大時，它們的影響越強。其他機構投資者（如銀行、保險公司和證券公司）的退出威脅較低，它們對公司的現金股利支付或财務業績沒有影響。

關鍵詞：機構所有權，共同基金，股利政策，退出理論

Institutional stock ownership and firms’ cash dividend policies: Evidence from China

Michael Firth (Lingnan University), Jin Gao (Lingnan University), Jianghua Shen (Hong Kong University of Science and Technology), Yuanyuan Zhang (Lingnan University; Advisory Services, Ernst & Young LLP)

ABSTRACT

Agency theory suggests that outside shareholders prefer higher dividend payouts in order to reduce the free cash flows of firms that are under the insiders’ control. Our study investigates the effects of mutual funds, typically the most important and influential type of outside shareholder, on firms’ dividend payouts in China during the period from 2003 to 2011. We find that mutual funds influence firms to pay higher cash dividends. The results are consistent with the predictions from exit theory. The effects are more pronounced in firms controlled by state and regional governments and in firms with relatively higher free cash flows. We also find evidence that the mutual funds’ effects are stronger when their investment horizon is longer and the ownership interest is larger. Other institutional investors, such as banks, insurance companies, and securities companies have a lower exit threat and do not have an influence on firms’ cash dividend payments or financial performances.

Keywords: Institutional ownership, Mutual funds, Dividend policy, Exit theory

原文鍊接：http://www.sciencedirect.com/science/article/pii/S0378426616000194

翻譯：賈夢悅