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研究OFII的投资行为对于我国在有限开放资本市场过程中发挥QFII制度的积极作用意义深远c以2004—2012年中国A股上市公司为研究样本,采用logit和tobit模型,本文从静态和动态两个维度检验了现金股利政策对OFII投资偏好的影响,发现:(1)从静态的角度来看,以持股倾向和持股比例度量的QFII投资偏好,与上市公司上一年度实施过现金股利分配以及现金股利支付水平显著正相关;(2)从动态的角度来看,QFII的持股偏好与上市公司近几年连续实施过现金股利分配及近几年现金股利平均支付水平呈显著正相关关系。本文的研究结论表明,在中国资本市场上,现金股利政策向QFII传递了上市公司的有关信息,最终影响了QFII的投资决策.
It is of far-reaching significance to study OFII’s investment behavior for our country to play a positive role in the QFII system in the process of limited open capital market. Taking the Chinese A-share listed companies from 2004 to 2012 as the research sample and the logit and tobit models, (1) From the static point of view, the QFII investment preference measured by the shareholding tenure and shareholding ratio is similar to the cash dividend distribution of the listed company in the previous year (2) From the dynamic point of view, the preference of QFII holds a significant positive correlation with the cash dividend distribution of listed companies in successive years and the average cash dividend payout in recent years . The conclusion of this paper shows that in the Chinese capital market, the cash dividend policy has passed the relevant information of listed companies to QFII, which ultimately affects QFII’s investment decision.