终极股东特征对现金股利政策的影响——基于董事会特征的调节效应分析  

Influence of Ultimate Controlling Shareholder Characteristics on Cash Dividend Policy——Analysis of Regulatory Effects Based on Board Characteristics

作　　者：陈东华[1,2] 郝云宏 CHEN Donghua;HAO Yunhong(Zhejiang Gongshang University, Hangzhou 310018;Ningbo University of Finance & Economics, Ningbo 315175)

机构地区：[1]浙江工商大学工商管理学院,浙江杭州310018 [2]宁波财经学院工商管理学院,浙江宁波315175

出　　处：《首都经济贸易大学学报》2020年第4期91-102,共12页Journal of Capital University of Economics and Business

基　　金：国家自然科学基金面上项目“基于策略互动实验方法的大股东控制权私利形成机理研究:影响因素与伦理决策”(71272143);浙江省哲学社会科学规划课题“全流通背景下大股东控制权私利行为演进、成因及治理机制研究”(15NDJC065YB)。

摘　　要：股权分置改革后,中国上市公司发放现金股利的意愿不断增强,但现金股利发放差异较大。有些上市公司发放少额现金股利,而有些上市公司却进行高额派现分红。聚焦于终极股东特征对现金股利政策的影响,并考察董事会特征在终极股东特征与现金股利政策之间的调节作用。实证研究表明:(1)现金流权与现金股利政策负相关,并在一度程度上呈现U型非线性曲线关系;控制权与现金股利政策显著正相关;两权分离度与现金股利政策显著正相关。这表明现金股利政策既是终极股东掏空的工具,也是掩饰掏空的面具。(2)第二大股东至第十大股东股权制衡很难制衡终极股东隐蔽的掏空行为。(3)两职合一能够增强终极股东特征对现金股利政策的影响。(4)董事会独立性显著减弱终极股东特征对现金股利政策的影响。研究结论能够为现金股利政策的影响因素研究提供新证据。Since the equity division reform,the willingness of China's listed companies to issue cash dividends has been continuously enhanced.Cash dividends have been widely distributed.Some listed companies have issued small cash dividends,while some others have paid dividends at a high level.This paper focuses on the effect of the ultimate controlling shareholder characteristics and board characteristics on the cash dividend policy,and examines the regulatory impact of board characteristics in the ultimate controlling shareholder characteristics and cash dividend policy.The empirical research shows:(1)The ultimate controlling shareholder's cash flow rights are negatively related to the cash dividend policy,and to a degree,the have a U-nonlinear curve relationship;the control rights and the cash dividend policy are significantly positively correlated;the two rights separation and the cash dividends policy are significantly positively related.This shows that the cash dividend policy is not only a tool for the ultimate controlling shareholder to tunnel,but also a mask to cover up tunneling;(2)The shareholding balance between the second largest shareholder and the tenth largest shareholder is difficult to counterbalance the concealed short selling behavior of the ultimate controlling shareholder;(3)The CEO duality can enhance the influence of the ultimate controlling shareholder characteristics on the cash dividend policy;(4)The independence of the board of directors significantly reduced the influence of the ultimate controlling shareholder characteristics on the cash dividend policy.The research conclusions of this paper provide new evidence for the research on the influencing factors of cash dividend policy.

关 键 词：终极股东特征 董事会特征 现金股利政策 调节效应 

分 类 号：F275[经济管理—企业管理]