上市公司股权结构与股利政策研究综述  

Literature Review on Equity Structure and Dividend Policy of Listed Companies

作　　者：涂心语 严晓玲[1] TU Xin-yu YAN Xiao-ling(School of Economics, Fujian Normal University, Fuzhou 350108, China)

机构地区：[1]福建师范大学经济学院,福建福州350108

出　　处：《福建商学院学报》2017年第4期43-48,90,共7页Journal of Fujian Business University

基　　金：国家社科基金重点项目"国企红利征缴比例倍增下目标下的国资预算支出民生化研究"(14AGL007);国家社科基金青年项目"公共资源收益合理共享视角下的国有企业红利分配研究"(13CGL024)

摘　　要：我国关于股权属性与股利政策的研究主要集中在股权流通性上,国外的研究则多从机构持股和管理层持股入手。关于股权集中度对股利政策的影响,国外研究观点尚未达成一致,有的学者认为股权集中度与股利分配负相关,也有学者认为股权集中度与股利分配正相关,还有研究认为二者呈"U"型关系。关于股权制衡度与股利政策的研究表明,我国国有股"一股独大",其他股东制衡作用有限,且倾向于与大股东联盟,利用现金股利的"隧道效应"谋取私利。China＇ s research on the relationship between equity and dividend policy is mainly focused on the circulation of equity, and foreign research is based on the relationship between institutional holding and management holding and dividend policy. Some scholars believe that there is a negative correlation between the degree of ownership con- centration and the level of dividend payment, and some scholars think that the degree of ownership concentration is positively related to the level of dividend payment, and the relationship between dividend payout and dividend payout level is not related to the level of dividend payout. Other scholars propose that they are U type relationship. The study on equity balance and dividend policy shows that the state-owned shares are dominant, other major shareholders have a limited role, and they tend to have alliance with the largest shareholder and use tunnel effect of cash dividends to seek private gain.

关 键 词：股权结构 股利政策 股权分置 股权属性 

分 类 号：F830.91[经济管理—金融学]