中国上市公司“高送转”股利政策分析——基于股权结构的视角  

The Analysis of “High Send and Turn” Dividend Policy of Listed Companies in China—Based on the Perspective of Shareholding Structure

作　　者：徐慧玲[1,2] 吕硕夫[2] 

机构地区：[1]华中科技大学经济学院,武汉430074 [2]湖北经济学院金融学院,武汉430205

出　　处：《经济问题》2012年第11期84-88,共5页On Economic Problems

基　　金：教育部人文社科研究青年项目"后股权分置改革时代投资者利益保护研究--基于我国上市公司结构方程模型的实证分析"(09YJC790075);湖北省教育厅科学技术研究项目(Q20102201)

摘　　要：股利政策的重要性对于上市公司不言而喻,但近年来我国上市公司热衷于"高送转"的股利政策,这对上市公司的持续发展和证券市场稳定造成了极大的影响。以"高送转"为研究对象,从股权结构的角度分析其影响因素和方式。选取我国历年A股上市公司的股利政策进行分析,从股权角度阐述股权结构对"高送转"股利政策的可能影响。将2010年我国A股上市公司作为样本进行实证分析,得出股权结构对"高送转"股利政策的具体影响情况和方式。The importance of dividend policy for the listed companies is obvious. But in recent years the listed companies in China are keen on ＂high send and turn＂ dividend policy. It has threatened the listed companies＇ sustainable development and made an affect on the stability of the securities market. This article is focus on the ＂high send and turn＂ dividend policy, analyzing the influence factors and the pattern on the point of view of the shareholding structure. It selected dividend policy from 2007 to 2010 in China to make a comparison. After that, the author tried to make sure whether the shareholding structure affected the ＂high send and turn＂ dividend policy and how did it work. Finally, according to the listed companies in 2010 of China as samples, the author concluded that the in- fluence factors and the pattern of ＂high send and turn＂ dividend policy from the view of shareholding structure.

关 键 词：“高送转”股利政策 股权结构 流通股比例 

分 类 号：F830.91[经济管理—金融学]