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由西方发达的资本市场的经验来看,机构投资者必将成为证券市场上的主导力量,并最终充当上市公司管理层的监督者和中小投资者的保护者的角色。近年来我国机构投资者也逐渐成长壮大起来,并发挥着越来越重要的作用。但研究发现,根源于我国证券市场的制度缺陷,我国诸多上市公司出现分红额度极低甚至不分红现象,投资环境逐渐恶化,最终使部分机构投资者由投资转向投机,逐渐与其稳定证券市场、价值发现等本该发挥的积极作用背道而驰。本文结论是过低的上市公司实质分红额度是阻碍我国机构投资者发展的直接原因。
From the experience of developed capital markets in the West, institutional investors are bound to become the dominant force in the securities market and eventually act as the supervisor of the management of listed companies and the protector of small and medium-sized investors. In recent years, institutional investors in our country have also gradually grown stronger and stronger, and play an increasingly important role. However, the study found that due to the institutional defects in China’s securities market, many listed companies in our country have very low or no dividend payments, and the investment environment is deteriorating. Eventually, some institutional investors are switched from investment to speculation and gradually to the stabilization of the value of the securities market Found that the positive role of the other should run counter to one. The conclusion of this paper is that the real dividend amount of listed companies that is too low is the direct reason that hinders the development of institutional investors in our country.