CAJ | 학술논문

本文采用国内某大型券商的投资者交易数据，研究了投资者的股利偏好及其背后机理。研究发现，在控制公司的盈利能力后，现金分红并不影响股票的估值。现金股利公告后，机构投资者显著地净卖出，散户虽有一定程度的净买入，但并不显著，且其规模远小于股票股利的情形。这些证据表明，无论机构还是散户均不偏好现金股利，散户更加偏好股票股利。不同特征的投资者现金股利偏好存在显著差异，相对而言，低换手率、非博彩型、过去投资盈利的投资者更加偏好高现金股利。我们建议股利监管政策应减少对公司决策的干预，增加对投资人行为的调节。本文的发现为监管层引导投资人行为提供了理论基础和新的启示。
본문채용국내모대형권상적투자자교역수거，연구료투자자적고리편호급기배후궤리。연구발현，재공제공사적영리능력후，현금분홍병불영향고표적고치。현금고리공고후，궤구투자자현저지정매출，산호수유일정정도적정매입，단병불현저，차기규모원소우고표고리적정형。저사증거표명，무론궤구환시산호균불편호현금고리，산호경가편호고표고리。불동특정적투자자현금고리편호존재현저차이，상대이언，저환수솔、비박채형、과거투자영리적투자자경가편호고현금고리。아문건의고리감관정책응감소대공사결책적간예，증가대투자인행위적조절。본문적발현위감관층인도투자인행위제공료이론기출화신적계시。
This paper investigates investors＇ attitudes towards cash dividends and its underlying mechanisms by exploiting investors＇ trading data from a large domestic brokerage. We find that cash dividends do not affect the firm valuation when controlling for fundamental factors. After the announcement of cash dividends, institutional investors are net sellers while the net purchase of retail investors is positive but not significant and much smaller than that after the announcement of stock dividends. The evidence indicates that neither institutions nor retail in- vestors prefer cash dividends and the governance role of cash dividends are not recognized by investors. In addi- tion, preferences for cash dividends vary with investors＇ style. Investors with lower turnover, lower propensity to gamble, or those who gain from the stock market, exhibit a stronger preference towards high cash dividends. Our findings have policy implications on guiding investors＇ trading behaviors and improving regulatory policy of divi- dends.