现金股利分配倾向、公司业绩与大股东减持规模  

Propensity to Pay Cash Dividends,Firm Performance and Reduction of Large Non-tradable Share Scale

作　　者：陆位忠[1] 林川[1] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400044

出　　处：《财贸研究》2013年第3期142-148,156,共8页Finance and Trade Research

基　　金：中央高校自主研究项目"基于大小非减持背景下的上市公司治理效应研究"(CDJXS12020008);中央高校基本科研业务一般项目"盈余管理与大股东减持"(CDJXS11021113)

摘　　要：以2007—2010年间沪深A股的568家公司的2383个减持事件为样本,实证检验现金股利分配倾向、公司业绩与大股东减持规模间的关系。研究发现:相较之不分配现金股利的公司,分配现金股利的公司中大股东减持规模更小;而较之业绩较差的公司,业绩良好的公司中大股东减持规模也更小;进一步,现金股利分配倾向与大股东减持的关系会依赖于公司业绩,在分配与不分配现金股利的公司中,随着公司业绩的提升,大股东减持行为的变化会明显不同。Using the 2383 reduction events sample of 568 Shenzhen and Shanghai A-share listed compa- nies between 2007 and 2010, this paper empirically analyzes relationship between propensity to pay cash dividends, firm performance and reduction of large non-tradable share. The results indicate that shareholders of companies with cash dividend distribution have reduced their shares even lower when compared with com- panies without cash dividend distribution, and shareholders of companies with good performance have re- duced their shares even lower when compared with companies with poor performance. Furthermore, the re- lationship between propensity to pay cash dividends and reduction of large non-tradable share depends on performance. For companies with and without cash dividend distribution, the change of large non-tradable share will be markedly different with the ascension of companies＇ performance.

关 键 词：大股东减持规模 现金股利分配倾向 公司业绩 

分 类 号：F276[经济管理—企业管理]