控股股东对上市公司股利分配倾向的影响及实证分析——来自沪市A股上市公司的经验证据  

The Influence of Controlling Shareholder on the Dividend Distribution of Listed Companies and the Empirical Analysis

作　　者：王银[1] 李华[1,2] 孙秋柏[1] 李群[2] WANG Yin LI Hua SUN Qiu-bai LI Qun(School of Business Administration University of Science and Technology Liaoning, Anshan 114051, China Institute of Quantitative and Technical Economics, Chinese Academy of Social Science, Beijing 100732, China)

机构地区：[1]辽宁科技大学工商管理学院,辽宁鞍山114051 [2]中国社会科学院数量经济与技术经济研究所,北京100732

出　　处：《数学的实践与认识》2017年第10期67-78,共12页Mathematics in Practice and Theory

基　　金：国家自然科学基金(71371092)

摘　　要：当前对股利政策的研究主要集中在产权对股利政策的影响、自由现金流对股利政策的影响、公司过渡投资行为对股利政策的影响以及宏观经济波动对股利政策的影响等,而缺乏控股股东对股利政策的影响研究.现实中,控股股东对股利政策具有较大的影响,围绕控股股东对上市公司股利分配倾向的影响进行深入分析.具体而言,以2013-2014年度上证A股数据,建立Log斌ic模型和多元线性回归模型分析控股股东的几方面特征对股利分配倾向产生的多种影响.研究从理论上客观地评价了控股股东对股利分配倾向的影响,现实中对维护中小股东权益有重要意义.The research on dividend policy in current literature has covered the influence of property rights on dividend policy, the impact of free cash flow on dividend policy, the impact of corporate transitional investment on dividend policy and the impact of macroeconomie fluctuation on dividend policy. The controlling shareholder＇s influence on the dividend policy is relatively few. In this paper, we study the influence of controlling shareholders on dividend distribution tendency of listed companies. In particular, we use Logistic model and multiple linear regression model to analyze the characteristics of controlling shareholder＇s dividend distribution tendency in 2013-2014, A variety of effects. The research objectively evaluates the influence of the controlling shareholder on the dividend distribution tendency, which is of great significance to safeguard the interests of minority shareholders.

关 键 词：股利分配倾向 控股股东 两权分离 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]