摘要
以2006～2008年的数据为基础,对不同股利政策下的机构股权与股价波动性的相关性分别进行了检验。研究发现,在控制了其他条件的情况下,对于不支付股利的公司,机构股权与股价波动性负相关;对于支付股利的公司,机构股权与股价波动性正相关。另外,为了解决机构股权与股价波动性以及机构股权与股利政策的内生性问题,通过两阶段回归分析法以及构建联立方程组重新进行了检验,得出了与普通最小二乘回归分析法一致的结论。
Based on the sample of China listed companies from 2006 to 2008,this paper investigates the correlation between institutional ownership and stock volatility base on different dividend policy.The paper found that in the dividend companies,the institutional ownership is negative correlated with stock volatility;but in the dividend paid companies.This institutional ownership is positive correlated with stock volatility.Furthermore,in order to solve the endogenity,two-staged least square method has been used,and I come to the same conclusion of OLS method.
出处
《经济问题》
CSSCI
北大核心
2011年第4期87-91,共5页
On Economic Problems
关键词
机构股权
股价波动性
股利政策
institutional ownership
stock volatility
dividend policy
