关于股改前后现金股利影响因素的实证研究

对股改前后影响现金股利水平的公司治理变量研究表明,虽然股改矫正了现金股利与增长机会之间的关系,使股改后当存在增长机会时,公司会减少现金股利的发放,但是我国上市公司的现金股利尚未呈现出全流通资本市场上作为降低控股股东与中小股东代理成本工具的现金股利政策应有的特征,突出表现在股改前后影响上市公司现金股利支付水平的股权结构变量并未发生变化,股改前后都存在股权集中度、第一大股东持股比例及第二到第十大股东持股比例与每股现金股利呈显著正相关、而流通(非限售)股比例与每股现金股利呈显著负相关的关系。

Empirical Study on Impacting Factors on Cash Dividends before and after the Reform of Share Rights Splitting

Our empirical study on impacting factors on cash dividends before and after the reform of share rights splitting shows that cash dividend paid by China's listed companies does not possess the characteristics of cash dividend as a tool to reduce the agency costs between controlling shareholders and minority shareholders in liquid capital market,although the reform rectifies the relationship between cash dividend and growth opportunity.Little changes have taken place in ownership structure variables that influence cash dividends since the reform of share rights splitting.Both before and after the reform there exists positive relationship between cash dividend and ownership concentration,between cash dividend and percentage of shareholding by the largest shareholder,and between cash dividend and percentage of shares owned by shareholders from the second largest shareholder to the tenth largest shareholder,and negative relationship between cash dividend and ratio of liquid(non sale-restrictive) shares.