后股改时期上市公司股利政策研究  

Research on dividend policies in post shareholder reform period

作　　者：褚瀛[1] 

机构地区：[1]大庆石油学院经济管理学院,黑龙江大庆163318

出　　处：《沈阳工业大学学报（社会科学版）》2009年第3期248-252,共5页Journal of Shenyang University of Technology(Social Sciences)

基　　金：黑龙江省高等教育科学研究"十一五"规划课题(115B-030)

摘　　要：股权分置改革是我国证券市场制度的重大变革,由此产生的上市公司股东结构和股权属性变化以及公司治理和资本市场的变化,都将对公司股利政策产生影响。以上海证券交易所2005—2007年所有正常交易公司的股利政策为研究对象,探讨股权分置改革后股利政策的特点和趋势。大力发展机构投资者、规范现金股利分配数量、减少行政干预将有助于巩固股权分置改革成果,为股利政策奠定良好的制度基础。The shareholder structure reform is a major change of stock market system foundation in China. The resulted change of shareholder structure, the nature of share ownership of listed companies, and the change of corporate governance and capital market will all have effects on dividend policies of listed companies. Using the dividend policies of the companies with normal transaction in the Shanghai Securities Exchange from 2005 to 2007 as research object, the article discusses the characteristics and tendencies of dividend policies after the shareholder structure reform. Striving to develop institutional investors, regulating the distributable quantity of cash dividends, and reducing the administrative intervention will contribute to reinforce the achievements of shareholder structure reform, and lay better system foundation for dividends policies.

关 键 词：证券制度 股权改革 股权分置 股利政策 现金股利 多元回归分析 定量分析 

分 类 号：F830.91[经济管理—金融学] F832.48