上市公司超能力派现与公司治理结构的实证研究

本文选取2003～2005年沪市和深市的1748家上市公司为样本,研究我国上市公司超能力派现与公司治理结构之间的关系.研究发现,第三大股东持股比例与超能力派现正相关,监事会规模、资产负债率和净资产收益率与超能力派现负相关.第一大股东持股比例与超能力正相关没有通过显著性检验,反映我国前几大股东可能合谋实现超能力派现.我国迫切需要优化公司治理结构争完善法制来制止超能力派现的发生.

Empirical Research on Ultra Ability Paying Cash Dividends of the Listed Companies and Corporate Governance

This paper argues ultra ability paying cash dividends of listed companies in China relevance to corporate governance through empirical research. These samples in paper come from listed companies, including Shenzhen stock market and Shanghai stock market, from 2003 to 2005. Re- search indicates that the proportion of stock which the third big shareholder holds have positive rele- vance to ultra ability paying cash dividends of the listed companies, negative relevance to scale of the board of supervisors, asset debt ration and net asset income rate. Ultra ability paying cash dividends of the listed companies means that major shareholders invade benefits of the medium and small sharehold- ers, therefore, it is urgent that corporate governance of the listed companies and legal system in china are improved.