上市公司股利政策股东财富效应研究股市.docVIP

股权结构、获利能力和发展能力与现金股利 Yi Yan-Xin Ke Da-Gang School of Management, Xi’an Jiaotong University, P.R.China, 710049 摘要：我国A股上市公司股权结构呈现国有股或法人股“一股独大”、非流通股占控制地位的大股东控制模式，控股股东偏爱现金股利带来的丰厚回报，但派现却直接影响上市公司下一年度的获利能力和发展能力，现金股利成了上市公司发展的“绊脚石”。以往研究文献局限于考察现金股利与当期获利能力和发展能力的关系，我们在此基础上将研究视觉拓展到现金股利对公司未来获利能力和发展能力的影响，并发现二者之间显著的负相关关系。本文选择1999-2005年分配现金股利的A股上市公司为样本，研究结果发现，非流通股平均年现金股利收益率14.3%，是流通股的10倍；现金股利支付率与非流通股比例、第一大股东持股比例呈显著U型关系，与流通股比例呈倒U型关系；现金股利支付率与当期获利能力和发展能力、下一年度获利能力和发展能力显著负相关，控股股东在分配现金股利时，着重眼前的即得利益，忽视当期获利能力和发展能力低的现实，更直接损害了上市公司下一年度发展。 关键词：现金股利，非流通股，控股股东，获利能力，发展能力 Cash Dividends Hold Back the Development of Listed Firms: Evidences from A Securities Market in China Abstract: In Chinese A securities market, state-owner shares is the largest shareholder. Stakeholders of non-public tradable shares prefer cash dividends which hold back the development of listed firms. Last literatures only studied the relationships between cash dividends and development. We develop research vision to study whether cash dividends affect future development capabilities, and find significantly negative correlation between them. The paper chooses paying out cash dividends listed firms as sample, and finds that cash dividends annual yield of non-public tradable shareholders reaches 14.3%, which is ten times to that of tradable shareholders. Cash dividends paying out ratio is U shape relationship with non-public tradable shares percent and first shareholder percent, and inverse U shape relationship with public tradable share percent. Cash dividends paying out ratio is significantly negative correlation with current and future development capabilities. Stakeholders prefer current benefits to future development capabilities when they set down cash dividends policy. Keywords: Cash Dividends, Non-public Tradable shares, Stakeholders, Development Capability 1 引言 我国绝大多数上市公司由国有企业改制而来，公司治理结构既不同于股权结构分散的英美模式，亦迥异于股权高度集中、交叉持股的日德模式，而呈现为流通股与非流通股二元割裂，国有(法人)股高度集中并一股独大的关键人控制模式。在这种模式下，关键人大权独揽，具有几乎无所不有的权力，缺乏应有的制衡和监督。上市公司大股东或控股股东以国家股和法人