股权结构与企业股利政策选择关系:理论与实证分析

本文从公司治理视角出发,以中国上市公司为样本,对股权结构与企业股利政策关系进行了理论与实证分析。结果表明,管理者持股比例、股权集中度(包括第一大股东持股比例)与现金股利支付率显著正相关;国有股比例与现金股利支付率正相关;法人股比例和流通A股比例对现金股利支付率的影响可能是负向的,且极不显著。

The Relationship Between Ownership Structure and Corporate Dividend Policy Choice: A Theoretical and Empirical Study

This paper gives a theoretical and empirical study about the relationship between ownership structure and corporate cash holdings based on corporate governance,using the panel data of China's listed companies.The empirical tests show that the cash dividend payment ratio has significantly positive relationship with the proportion of management shareholding and ownership concentration(including the share proportion of the first block shareholder),and is positively correlated with the proportion of state shares.The empirical tests also show that the cash payment ratio may be negatively correlated with the proportion of institutional shares and tradable A shares,but the relationship is much insignificant.