| 基于经济波动的控股股东与股利政策关系研究——来自中国证券市场的经验证据 |
| |
| 引用本文： | 王茜,张鸣.基于经济波动的控股股东与股利政策关系研究——来自中国证券市场的经验证据[J].财经研究,2009,35(12). |
| |
| 作者姓名： | 王茜 张鸣 |
| |
| 作者单位： | 1. 上海财经大学会计学院,上海,200433
2. 上海财经大学会计与财务研究院,上海,200433 |
| |
| 摘 要： | 文章考察了控股股东和经济波动对上市公司股利政策的影响.结果表明,从控股股东的角度来看,第一大股东持股比例越高,公司越愿意支付股利,尤其是现金股利.当考虑了经济波动的影响时我们发现,在经济下降期,公司不再愿意支付股利,即使支付股利,公司也偏向于支付股票股利.此外,不同股权性质的公司在经济波动期的股利政策也不一样.在经济下降期,非国有控股公司第一大股东比例越高,股票股利支付数量越少,现金股利支付数量越多,但是,国有控股公司这种变化并不显著,说明相对于国有控股公司,非国有企业的股利政策更容易受到经济波动的影响.
|
| 关 键 词： | 控股股东 经济波动 股利政策 |
On the Relationship between Controlling Shareholders and Dividend Policies Based on Economic Fluctuations:Evidence from Stock Markets in China |
| |
| WANG Xi,ZHANG Ming.On the Relationship between Controlling Shareholders and Dividend Policies Based on Economic Fluctuations:Evidence from Stock Markets in China[J].The Study of Finance and Economics,2009,35(12). |
| |
| Authors: | WANG Xi ZHANG Ming |
| |
| Institution: | WANG Xi1,ZHANG Ming2(1.School of Accounting,Shanghai University of Finance , Economics,Shanghai 200433,China,2.Research Institute of Accounting , Finance,China) |
| |
| Abstract: | The paper studies the impact of controlling shareholders and economic fluctuations on the dividend policies of listed companies in China.The results indicate that the higher stock-holding percentage of the largest shareholder is,the more the company will be likely to pay dividends,especially cash dividends.During the period of economic depression,companies are less apt to pay dividends.Even if they claim the dividends,they are inclined to pay stock dividends.In addition,companies with different ownership ha... |
| |
| Keywords: | controlling shareholder economic fluctuation dividend policy |
| 本文献已被 CNKI 万方数据 等数据库收录！ |
|
