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本文考查机构投资者对上市公司红利派送动机的甄别能力。我们发现,当公司出于降低代理成本目的而分红时,机构投资者会入主上市公司,并且其持股比例与红利水平正相关;反之,如果上市公司进行过度分红以侵占小股东利益时,机构投资者则不会入主。进一步研究发现,当机构投资者入主时,股票市场能够赋予分红公司更高的价值(红利溢价);并且,机构投资者持股比例越高,红利溢价也越高,说明市场认可机构投资者的甄别能力。本文的研究表明,机构投资者能够在一定程度上识别上市公司派现的真实目的,其快速成长有助于监督上市公司的分红模式,从而也有助于证券市场的健康发展。
This article examines the ability of institutional investors to screen dividend motivation of listed companies. We find that when a company pays dividends for the purpose of reducing agency costs, institutional investors will enter the listed company and its shareholding proportion is positively correlated with the level of dividends. Conversely, if the listed company over-distributes dividends to encroach on the interests of minority shareholders, Institutional investors will not be in charge. Further study found that when the institutional investors enter the market, the stock market can give the bonus company a higher value (dividend premium); and, the higher the proportion of institutional investors holding shares, bonus premium higher, indicating that market-accredited institutional investors The screening ability. The research in this paper shows that institutional investors can recognize the true purpose of the listed companies to a certain extent, and its rapid growth helps to supervise the dividend distribution of listed companies and thus contributes to the healthy development of the securities market.