股权分置改革后股权结构与我国上市公司现金股利政策的实证研究的中期报告.docxVIP

股权分置改革后股权结构与我国上市公司现金股利政策的实证研究的中期报告 摘要： 本研究是对股权分置改革对于上市公司现金股利政策的影响进行实证研究。研究发现，股权分置改革后，公司控制权分散，股东权利保护得到提高，同时上市公司在现金股利政策上也呈现出一定程度的改变，其中，股权分散程度与股利支付率呈显著正相关，而控制权分散程度与股利支付率呈显著负相关。本研究认为，这是因为股东意识到其权利得到了更好的保护，所以对于公司的分红要求会更高，同时，控制权分散意味着公司在决策上的困难加大，资金的分配也可能不如控制集中时那么有效，因此公司会更加谨慎地对待股利政策。 关键词：股权分置改革；上市公司；现金股利；股权结构；控制权；分散程度 Abstract： This study aims to empirically examine the impact of the ownership structure reform on the cash dividend policy of listed companies. The results show that after the ownership structure reform, the control rights of the company are more dispersed, and the protection of shareholder rights is improved. At the same time, the cash dividend policy of listed companies also shows a certain degree of change. The degree of equity dispersion is positively correlated with the dividend payment rate, while the degree of control dispersion is negatively correlated with the dividend payment rate. It is suggested that shareholders realize that their rights are better protected, so their demands for dividends will be higher. At the same time, dispersed control means that companies face greater difficulties in decision making, and fund allocation may not be as effective as when control is centralized. Therefore, companies will be more cautious in dealing with dividend policies. Keywords：Ownership structure reform; listed companies; cash dividend; equity structure; control rights; dispersion degree.