混合所有制与国有企业现金股利分配  

Mixed Ownership and the Cash Dividends of State-owned Enterprises

作　　者：卢建词 姜广省 

机构地区：[1]天津财经大学商学院,天津300222

出　　处：《经济管理》2018年第2期5-20,共16页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金重点项目"现代社会治理的组织与模式研究"(71533002);国家自然科学基金项目"制度环境;内部控制与企业创新"(71762029);长江学者和创新团队发展计划资助项目"公司治理研究"(IRT0926)

摘　　要：混合所有制有助于促进国有企业现金股利分配。本文基于我国国有企业混合所有制改革的背景,以2003-2013年沪深A股国有上市公司为样本,考察混合所有制下的现金股利分配效应,将混合所有制程度测量为股东类别的多元化和股东股份的多元化之后,结果发现:(1)混合所有制程度与现金股利分配显著正相关,即股东类别的多元化、股东股份的多元化程度越高,现金股利分配强度越高、分配意愿越强;(2)民营参股程度越大、境外参股以及参股程度越高,现金股利分配强度越高、分配意愿越强;(3)进一步考察混合所有制在不同情境中的作用时,发现在地方国有企业(与中央国有企业情况相比)、在低控制权企业(与中等控制权、高控制权情况相比)中,混合所有制对现金股利分配政策(股利分配强度和分配意愿)的促进作用更强。上述研究不仅扩充了股利分配理论,也在实践上为混合所有制改革、政府制定股利政策和企业发放股利提供有益启示。Mixed ownership refers to the form of cross-shareholdings, mutual integration and state capital of collective capital,non-public capital ownership,that is the form of the different shareholders properties （ including both state-owned and the non-state-owned shareholders）. Existing research pointed out that the mixed ownership not only can produce larger social surplus, but relative to other forms of ownership, the mixed ownership can effectively improve the production efficiency and increase performance of enterprises, so create more benefits for shareholders. At present, the research on cash dividend distribution from the perspective of mixed ownership is poor. In the state-owned enterprises, they may take more policy burdens, and their executives may seek personal gain for themselves by controlling more free cash flow, so the enterprises make the cash dividends are tess distributed or even no distributed. Mixed ownership through diversified ownership structure to strengthen supervision mechanism, with the purpose of curbing excessive investment management and on-the-job consumption, and through equity checks and balances to ease the policy burden of state-owned enterprises which the government gives and to avoid transferring cash flow to government departments which is the controlling shareholder, so as to make the enterprise have more surplus cash, and could promote enterprise＇s cash dividend distribution. With the mixed ownership reform of Chinese state owned enterprises, based on the state-owned listed companies from 2003 -2013 in china,the paper explores the influence of the mixed ownership on the cash dividends. Classified the mixed ownership into the diversification of categories and proportion of shares of the shareholders, we find that： the degree of the mixed ownership and the cash dividends have positive relationships, that is, the more the diversification of categories and proportion of shares of the shareholders, the higher the distribution and the more strength the intention of cash divid

关 键 词：混合所有制 国有企业 现金股利 实证研究 

分 类 号：F276.6[经济管理—企业管理]