机构投资者持股能抑制超能力派现吗

选取2007～2009年沪深A股上市公司为研究样本,在将机构投资者划分为压力敏感型和压力抵制型的基础上,从超能力派现视角研究不同类型机构投资者的治理效应。研究结果表明：机构投资者持股对上市公司是否超能力派现具有重要影响,机构投资者持股比例越高,超能力派现的可能性就越小,而且机构投资者在构建投资组合时会避免投资超能力派现的上市公司。压力抵制型机构投资者持股降低了超能力派现的可能性,然而压力敏感型机构投资者并没有降低超能力派现发生的可能性。

Can Institutional Ownership Inhibit Ultra-ability Cash Dividends

This paper selects the Shanghai and Shenzhen A-share listed in 2007～2009 as the sample companies.After dividing institutional investors into the pressure-sensitive and pressure-resistant types,the researchers aim to study the governance effects of institutional investors from the perspective of the superpowers of different types of school.The results show that institutional ownership can have important influence on listed companies as to whether to give cash dividends.It is found that the higher the shareholding of institutional investors,the lower their possibility to give cash dividends and that in building a portfolio,institutional investors will avoid investing in listed companies that give supernatural dividends.Shareholding by pressure-resistant institutional investors will reduce the possibility to give cash dividends while shareholding by pressure-sensitive institutional investors will not.