当代经济科学Issue(5)：99-108,10.
机构投资者、现金股利政策与股票市场稳定性研究——来自2005—2009年中国A股上市公司的经验证据
Institutions, Cash Dividend Policy and Market Stability： Evidence from China Listed Companies through 2005-2009
王立文1
作者信息
- 1. 西安交通大学经济与金融学院,陕西西安710061
- 折叠
摘要
Abstract
Using annual report data of Chinese A-share listed companies through 2005-2009, this paper finds that there is a significantly negative relationship between institutional ownership and market stability （as measured by stock turnover ratio, stock return volatility and stock price synchronicity） in cash dividend paying sample finns. However, there is a significantly positive or insignificant relationship between institutional own- ership and market stability in non-dividend paying sample firms. These empirical findings indicate that whether to adopt a buy-＆-hold strategy or a speculating strategy is directly affected by the target listed company＇s cash dividend policy. The findings have important policy implications for a healthy and stable development of China stock market. - ty; Stock Price Synchronicity关键词
机构投资者/现金股利政策/股票换手率/股票收益波动率/股价同步性Key words
Institutional Investors/Cash Dividend Policy/Stock Turnover Ratio/Stock Return Volatili分类
管理科学引用本文复制引用
王立文..机构投资者、现金股利政策与股票市场稳定性研究——来自2005—2009年中国A股上市公司的经验证据[J].当代经济科学,2011,(5):99-108,10.
