股权结构对我国上市公司股利支付的影响——基于IOS视角的研究

采用我国沪深1014家上市公司2006-2009年共4年的财务及相关数据,基于IOS的视角研究了股权结构对我国上市公司股利支付的影响。研究结果表明:股权集中度越高,我国上市公司股利支付率越高;股权集中度一定时,IOS高的公司能够比IOS低的公司容忍更低的现金股利支付;控股股东持股比例越高,上市公司的现金股利支付概率和支付水平越高;当上市公司存在制衡股东时,控股股东的机会主义行为受到一定的约束,IOS低的公司比IOS高的公司有更高的现金股利支付。

The Impact of Ownership Structure on Dividend Payments in Listed Companies Based on IOS

This paper has studied the impact of ownership structure on dividend payments in listed companies based on IOS by selecting 1014 listed companies in both Shanghai and Shenzhen Stock Exchange,using the financing and other relevant data from 2006 to 2009.The findings indicated that the dividend payout ratio is higher in more closely held companies;companies with high IOS compared to the ones with low IOS can tolerate lower cash dividend payments when ownership concentration is constant;the higher the share proportion of controlling shareholders,the larger the cash dividend payments;the opportunistic behavior of controlling shareholders is restrained to a certain degree,and companies with low IOS compared to the ones with high IOS have higher dividend payout ratio when there are check-and-balance shareholders.