Qf ¢ò Holdings And Cash Dividend Policy Of Listed Companies In China

QFII (Qualified Foreign Institutional Investors,) system to attract foreigninvestment as a transitional arrangement in the open capital market, has become amodel often used by the nascent securities market opening early. The fundamentalpurpose of the introduction of the QFII system is to attract foreign capital to enter thecapital market in the country. QFII as China's capital market to open up newintroduction of a special class of institutional investors and domestic institutionalinvestors, has a strong financial background and more sophisticated investmentphilosophy. In this paper, a listed company's cash dividend policy QFII holdings, theactual in a way of QFII holdings on corporate governance, that is to study the QFIIwhether to have a special role in corporate governance to affect listed companies cashdividend policy, and results of operations.2008-2010QFII stake Cash Dividend for the study, the use of the M-whitney-Utest was issued to a different level of cash dividends to its QFII ownership significantlydifferent, and the linear regression model analyze the QFII whether the listedcompany's cash dividend policy as a select portfolio standards and QFII whetherparticipation in the governance of listed companies, listed companies cash dividendpolicy.The results show that:(1) the QFII stake cash dividend the company's significantly higher than the cashdividend company;, high dividend group QFII ownership significantly higher than thelow cash dividend group of companies in the cash dividend company; high dividendQFII holders cash dividends of shares of the company was significantly higher than thelow dividend QFII holding company.(2) the QFII preference for payment of cash dividends of the company, the cashdividend payment of the QFII ownership of listed companies was significantlypositively related to the dividend signal theory assumptions show that the QFII beganto advocate the value investment philosophy, stock picking more and more attention tothe listed companies quality.(3) the probability of cash dividends of listed companies with QFII ownershipsignificantly positively related to cash dividends cash dividend payment level withQFII ownership has a significant positive correlation, consistent with the "free cashflow and dividends agency theory hypothesis, indicating that institutional investors to a certain extent involved in corporate governance, supervision and governance plays arole.In short, the above analysis show that the QFII holdings and dividend policy oflisted companies, mutual influence, institutional investors, both based on the dividendpolicy of listed companies to build the portfolio, but also play a supervisorymanagement role, influencing the formulation of dividend policy of listed companies.