股权分置改革对股利政策的影响预估  

An Estimation:Impact of Stock Right Decentralized Allot Revolution on Dividend Policy

作　　者：杜伟岸 [1] 魏建国 [2] 范亚莉 [2] 

机构地区：[1]武汉理工大学经济学院,武汉,430070 [2]三峡大学经济与管理学院,宜昌,443002

出　　处：《武汉理工大学学报（交通科学与工程版）》2005年第4期546-549,共4页Journal of Wuhan University of Technology（Transportation Science & Engineering）

基　　金：湖北省社科基金重点项目资助(批准号:(2005)019)

摘　　要：随着股权分置改革的推进,我国上市公司国有股股权比例会经由全流通而降低.通过对我国分红与不分红上市公司盈利能力、流通股东对分红公司的偏好以及上市公司股权结构与分红倾向三方面的实证,探讨股权结构的分散化将对我国上市公司股利政策产生的影响,提出了股权分置改革后,我国上市公司分红倾向很可能与广泛预期相反,呈下降态势.With the advancing of stock right decentralized allot revolution,the share percentage of stateowned stockholder of the listed corporations in China will decline because of the all-tradable of stock. This paper analyzes the influence of decentralization of stock right structure on the dividend-paying policy of the listed corporations ,and puts forward the point that the dividend-paying tendency, contrary to the generalized anticipation, will not be intensified after stock right decentralized allot revolution, which is based on the following empirical tests： the earning capability difference between dividend-paying and non-dividend-paying listed corporations, the preference to dividend-paying corporation of tradable shareholders and the relationship of stock right structure and dividend-paying tendency.

关 键 词：股权分置 股利政策 分红倾向 

分 类 号：F830.91[经济管理—金融学]