公司治理与会计盈余分红相关性的实证研究  

An Empirical Research on the Correlation between Corporate Governance and Accounting Surplus Bonus-based Cash Dividends

作　　者：田慧勇[1] 于立新 朱天星 赵成 

机构地区：[1]辽宁省农村信用社联合社,辽宁沈阳110013 [2]大连银行博士后科研工作站,辽宁大连116001 [3]中国证监会河南证监局,河南郑州450008

出　　处：《沈阳农业大学学报（社会科学版）》2011年第4期412-417,共6页Journal of Shenyang Agricultural University(Social Sciences Edition)

基　　金：教育部规划基金项目(11YJA630007)

摘　　要：股利政策是平衡上市公司税后收益和留存收益之间关系、进行投资者管理的重要手段。以中国上市A股2009年财务和公司治理数据为研究样本实证研究公司治理与会计盈余分红的关系,研究结果表明,在控制公司具体特征因素之后,公司会计盈余分红与控股股东比例、董事会规模、监事会规模呈正相关,与流通股比例呈负相关。因此,平衡上市公司税后收益和留存收益之间关系,实施投资者管理的重要股利政策包括优化股权结构,改革股东大会表决制度;细化强制分红、提高分红信息的透明度。The dividend policy,which is usually adopted to balance the relationship between after-tax earnings and retained earnings of a listed company,is an important means to regulate investors.The correlation between corporate governance and accounting surplus bonus is empirically examined by using the finance and corporate governance datum in 2009 from a share in China as sample.The results show that the accounting surplus bonus assumes a positive correlation with the controlling shareholder＇s holding ratios,the Board Size and the supervisor board size while it takes on a negative correlation with the proportion of circulated shares.Therefore,in order to balance the relationship between the after-tax earnings and the retained earnings,and carry out the important investor-management-oriented dividend policy it is suggested that the equity structure be optimized;the voting system of shareholder meetings be reformed;the compelling dividend detailed;and the transparency of dividend information be strengthened.

关 键 词：公司治理 会计盈余分红 代理成本理论 控股股东比例 董事会规模 监事会规模 

分 类 号：F830.91[经济管理—金融学] F047.1