股权分置、公司治理与股利分配决策:现金股利还是股票股利?  

Share Splitting,Corporate Governance and Dividend Policy:Cash Dividends or Stock Dividend?

作　　者：胡国柳[1,2] 李伟铭[1,2] 张长海[1] 蒋顺才 

机构地区：[1]海南大学经济与管理学院,海南海口570228 [2]西南财经大学博士后流动站,四川成都610074 [3]财富证券,湖南长沙410005

出　　处：《财经理论与实践》2011年第1期37-42,共6页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金项目(71062009);中国博士后科学基金项目(20060390329);海南省哲学社会科学规划项目(HNSK08-48)

摘　　要：以2004-2007中国上市公司为样本，应用LOGISTIC回归对一股权分置改革前后我国上市公司股利分配决策进行理论与实证分析。结果表明，股权分置改革后，我国上市公司发放股票股利呈现增多的趋势，第一大股东、第二大股东持股比例越高，以及董事会人数越多，公司越倾向于现金股利分配，但机构投资者持股比例越高，越倾向于发放股票股利。同时，企业成长性强的公司倾向于发放股票股利，而现金流量好的公司往往不发放股票股利，企业规模与股票分配决策无关。Based on the data of listed companies from 2004 to 2007, both the theoretical and empirical analysis on dividend distribution decision of listed companies in China before and after the share splitting reform have been done using LOGISTIC regression. The results show that, after the share splitting reform, stock dividend distribution has been a more popular way. The bigger percentage of stock that the first and second largest shareholders have held, and bigger size of board of directors, the companies more tend to issue the cash dividends. Nevertheless, the more percentage of stock are held by the institutional investors, the companies are more willing to issue stock dividends. At the same time, companies with strong growth ability tend to issue stock dividends, while companies with good cash flow often do not issue stock dividends. And firm size has nothing to do with the stock distribution decisions.

关 键 词：股权分置 公司治理 股利分配 股票股利 

分 类 号：F830.91[经济管理—金融学]