代理成本视角下的股权结构与现金股利波动

选取中国2001-2004年连续发放现金股利的196家上市公司为研究样本,利用四个股利调整模型（PAM模型、FAM模型、Waud模型和ETM模型）和固定效应面板数据对样本公司的股利波动进行了分析,结果发现,每股收益及其变动是引起每股现金股利变动的关键因素。同时还发现,股利波动与公司股权结构相关,第一大股东持股比例越高,股利波动越大;第二大股东持股比例越高,股利越稳定。

An Analysis of the Relative Cash Dividend Flexibility and Ownership Structures from the Perspective of Agency-cost

Dividends of China firms are often perceived to be more flexible than those of Anglo-American firms.The sample consists of 196 quoted China firms which distribute cash dividend persist over 2001-2004.Using a China panel data set,the relative of dividend flexibility and corporate governance is analyzed.However,this paper finds that a positive association exists between dividend changes and the first major shareholder.In addition,there is some evidence in support of the hypothesis that a negative association exists between dividend changes and the second major ownership.