不同所有权上市公司股利分配意愿的比较研究  

The Comparative Study of Dividend Distribution of Different Ownership

作　　者：郑蓉[1,2] 干胜道[1] 舒轶[3] 

机构地区：[1]四川大学工商管理学院 [2]西华大学 [3]中国银行四川省分行业务部

出　　处：《经济与管理研究》2011年第8期12-18,共7页Research on Economics and Management

基　　金：国家自然科学基金项目"基于自由现金流量的我国上市公司业绩变化研究"

摘　　要：使用权益资本就必须给予股东回报,而我国却有大量上市公司不分配股利。究竟是什么原因导致我国股市股利分配与西方成熟资本市场迥异的现象?本文以终极股东控股权的所有权差异为研究切入点,比较研究了国有上市公司与民营上市公司近七年来股利分配特点及影响因素,最终得出所有权的不同、负债水平及盈利水平的差异是决定企业股利政策的最为重要的因素,货币支付能力及累积盈利水平对企业股利分配虽有影响,但影响并不十分显著。The use of the equity capital should repay the shareholders, while no dividends are distributed for most lis- ted companies in China. What makes the significant differences come into being between the western mature markets and ours？ This paper begins with the ownership of the ultimate controlling shareholder, and studies the dividend distribution character and drives of dividend distribution of the state - owned listed companies and private listed companies in nearly seven years. It finally concludes that the differences of ownership, debt level and profitability are the most important fac- tors which decide the company＇s dividend policy. Currency paying ability, and accumulated profits of the enterprise have some effect on the dividend policy, but they are not vey important.

关 键 词：国有上市公司 民营上市公司 股利分配 

分 类 号：F275[经济管理—企业管理]