我国上市公司机构投资者投资决策与股利政策关系研究
内容摘要
筹资决策、投资决策与股利政策被公认为企业财务管理的三大核心内容。股利政策不仅影响公司筹资活动，也关系到股东的投资决策方向。随着股权分置改革的顺利完成及政府对上市公司投资者的大力扶持，我国上市公司投资者得到飞速发展，逐渐成为资本市场上最主要的参与者，对我国资本市场的健康发展的作用越来越重要。
本文以财务管理热点问题之一的股利政策为视角研究了上市公司投资者持股行为及其参与公司内部治理情况。首先根据国内外相关研究阐述了上市公司投资者持股和股利政策的涵义、发展历程及特点；然后总结了我国上市公司投资者的发展以及上市公司的股利分配政策；最后运用上市公司2003-2010年的数据，建立相关回归模型进行实证研究，得到相关结论，并给出了相关对策建议：其一，改善上市公司投资者发展的外部环境；其二，改进上市公司投资者的治理结构；其三，积极倡导和引导上市公司投资者参与公司治理。
关键词：上市公司投资者 股利政策 公司治理
China‘s listed companies institutional investors investment decision and dividend policy relations
Abstract
The financing decision, investment decision and dividend policy is recognized as the financial gain of the three core content. Dividend policy is not only affect the company’s financing activities, but also related to the shareholders investment direction. Along with the reform of non-tradable shares is completed and the government give aid to energetically to investors of listed company, the listed company of our country investor gets flying development, has gradually become the main capital market participants, for the healthy development of China capital market is becoming more and more important.
Based on the financial management problems of dividend policy of listed companies from the perspective of the investors behavior and participate in company internal governance. Based on the related research at home and abroad, expounds the investors and dividend policy of listed companies of the meaning, the development course and characteristics; then summarizes the Chinese investors of listed company and the development of listed company’s cash dividend distribution status; finally use covers the non-tradable share reform of the 2003-2010years of data, establishment of regression model for empirical study, obtains the relevant conclusions, and gives the related countermeasures and suggestions: First, improving the listed company ‘s development of the external environment; Second, improvement of investors of listed company governance structure; Third,actively promote and guide the listed company investor participation in corporate governance.
Key words：Investors of listed company dividend policy corporate governance
目 录
三、实证研究. 7
