股权结构对现金股利支付率影响的实证研究  

The Empirical Study of Shareholding Structure Effect in Cash Dividend Payout Ratio

作　　者：薛军[1] 左莉[1] 张同健[1] 

机构地区：[1]乐山师范学院旅游与经济管理学院,四川乐山614004

出　　处：《兰州石化职业技术学院学报》2014年第3期68-70,共3页Journal of Lanzhou Petrochemical Polytechnic

基　　金：国家社会科学基金(11BJL074)

摘　　要：股利政策对于公司的长远发展存在着重要的影响,但"股利之谜"一直困扰着公司治理领域。股权结构对于现金股利支付率存在着内在的相关性。基于沪深证券交易所的样本数据,借助于多元回归分析方法,实证性的研究发现,第一大股东持股比例、董事会持股比例、股权集中度对于现金股利支付率的提升存在着促进作用,经理层持股比例的功能正好相反,而股权制衡度与现金股利支付率不存在相关性。本检验结论为上市公司优化股权结构并完善股利分配政策提供了现实性的理论借鉴。The dividend policy has a significant impact on the company＆#39;s long-term development,but the “divi-dend puzzle”has plagued the corporate governance fields.There is an intrinsic correlation between shareholding structure and cash dividend payout ratio.Based on the sample data of Shanghai and Shenzhen stock exchanges and multivariate regression analysis,empirical studies have shown that the largest shareholder ratio,the Board share-holding ratio,ownership concentration may raise the cash dividend payout ratio,the function of managers share-holding proportion is just the opposite,and there is no correlation between equity balance and cash dividend payout ratio.The inspection conclusion provides a realistic theory of reference for listed companies to optimize shareholding and improve dividend distribution policy.

关 键 词：股利政策 股权结构 现金股利 股利支付率 股权集中度 

分 类 号：F275[经济管理—企业管理] F224[经济管理—国民经济]