我国上市公司股权结构对现金股利政策影响实证分析.pdfVIP

摘 要 现金股利作为公司的一种股利分配政策，是影响股票价格和投资者预期收益 的重要因素，但其本身也受上市公司众多因素的影响。从我国的实际情况来看, 上市公司股权结构的特殊性对股利政策的影响有着特殊的意义。特殊股权结构致 使我国上市公司代理关系复杂。不完善的资本市场和的公司治理制度，导致代理 成本理论在我国受到限制。我国上市公司股权集中度普遍较高，而流通股极其分 散，且投机行为严重，这就造成控股股东在制定现金股利政策时，具有一票定乾 坤的作用。本文通过建立多元线形模型，得出控股股东偏爱现金股利。控股股东 派发现金股利，形式上看是在降低代理成本，但分析其特殊的上市背景和投资成 本方面的巨大差异，就可发现事实并非如此。在此基础上，本文采用单变量统计 分析法，发现控股程度越高的公司，越倾向于派发高现金股利。 关键词：股权结构 现金股利 代理成本 控股股东 I Abstract As one kind of dividend forms，Cash dividend is an important factor which can influence listed company’s stock price and investors’ expectations yield. But for itself，it is affected by many factors of listed companies. In China, the special ownership structure of listed company influences cash dividend policy significantly, which also makes company’s agency relationship complicated. Imperfect capital market and corporate governance system cause the agency cost theory limited. The controlling shareholders hold substantial proportion of the company’s shares. On the contrary, outstanding shares scatter extremely. They can ’t express their views on a whole. These causes controlling shareholders have a decisive role in making the dividend policy. Through the establishment of multi-linear model, the author gets the conclusion that controlling shareholders prefer to the cash dividend. Formally, controlling shareholders’ preference can lower the company’s agency cost. After analyzing the listed company’s unique background, the author found that it is not the case. The author makes study further by grouping the sample into three types, and found that the higher the level of the share