機構投資人持股與股利政策之分析

Abstract

不同於以往機構投資人持股與股利政策之研究，本研究以2001年至2018年台灣上市櫃公司為樣本，並參考Grinstein and Michaely (2005)之作法，將所有樣本分為高、低、零股利三群進行深入分析，了解發放不同股利之公司其投資人持股與股利政策間的關係是否有所差異。 本研究分為三部分，研究一檢測機構投資人持股與現金股利率之關係，研究二將機構投資人區分為外國法人、本國法人進行檢測，而研究三再進一步將機構區分為六大法人(外國法人、投信、自營、本國政府機構、本國金融機構、本國公司法人)，同樣檢測其持股與現金股利率之關係，希望藉由此研究比較國內外法人、六大法人對股利之偏好，是否因外在環境與投資目的不同，導致其持股偏好有顯著差異，也因此能提供比以往文獻更全面之分析。 本研究使用Panel data迴歸分析，獲得的主要結論如下： 1. 對整體機構投資人而言，現金股利率對機構持股之影響為正相關。機構持股亦會影響現金股利率，使原本無發放現金股利之公司轉變為有發放之公司，卻使原本有發放現金股利之公司降低股利率。 2. 將機構投資人分為外國法人、本國法人時，兩種法人皆偏好持有有發放現金股利公司之股權，而本國法人更偏好持有高股利公司之股權。 3. 將機構投資人分為六大法人時，現金股利率對外國法人、投信持股之影響為正相關；對自營持股、本國政府機構、本國金融機構、本國公司法人持股之影響不顯著。另外，投信、本國政府機構、本國公司法人持股對現金股利率之影響呈顯著正相關。

This study takes the sample of the Taiwan listed companies in 2001 to 2018 to analyze the relationship between different kinds of institutional investor ownership and dividend policy. Different from the prior research, this study follows the meth-odology in Grinstein and Michaely (2005) to divide all samples into high-dividend, low-dividend, and zero-dividend three groups to explore the difference among these groups. This research is divided into three parts, hoping to compare whether the prefer-ence of different investors for dividend, due to the different external environment and investment purpose, leads to a significant difference in its shareholding. Re-search 1 examines the relationship between institutional investor holdings and cash yield. Research 2 distinguishes institutional investors into foreign institution and domestic institution. Research 3 distinguishes institutional investors into six major institutional investors (foreign institution, investment trust, dealer, domestic gov-ernment agency, domestic financial institution, domestic company). Based on these three parts, this study provides comparable and comprehensive results of different institutional investors. This study uses panel data to conduct regression analysis, and the main conclu-sions obtained are as follows: 1.For overall institutional investors, the impact of cash yield on institutional hold-ings is positively correlated. Institutional holdings also affect cash yield. In the zero-dividend group, the impact of institutional holdings on cash yield is posi-tively correlated; in the low and high-dividend group, the impact of institutional holdings on cash yield is negatively correlated. 2.When institutional investors are divided into foreign institution and domestic in-stitution, both of them prefer to hold equity in companies which pay dividends. However, domestic institution prefer to hold equity in high-dividend companies than foreign institution. 3.When institutional investors are divided into six major institutional investors, the impact of cash yield on foreign institution and investment trust holdings is posi-tively correlated; the impact on dealer, domestic government agency, domestic financial institution, and domestic company holdings is not significant. In addi-tion, the impact of investment trust, domestic government agency, and domestic company holdings on cash yield is significantly positively correlated.