基于股权结构的家族控制与现金股利政策

影响上市公司现金股利政策的因素很多,家族上市公司普遍存在终极控制人,金字塔式的股权结构使其拥有的现金流权与控制权相分离,而且存在从自身利益最大化出发制定现金股利政策的倾向。本文在回顾前人研究文献的基础上进行了相关的理论分析,并选取了2004-2008年1411家A股家族上市公司作为研究样本,分别采用Logistic回归模型和多元线性回归模型,分析终极控制人特征对现金股利分配倾向和分配力度的影响,同时还分析了股权分置改革对所研究内容的影响。

The Impact of Family Control on Cash Dividend Policies Based on Stock Right Structure

There are a lot of factors that affect listed company′s cash dividend policy, but recently most family-controlled listed companies have ultimate controller, and they separate their cash flow right and control right by making use of the pyramidal ownership structure, also they prefer to make cash dividend policy on the base of how to maximize their own interests. On the basis of summarizing the previous research literature, this paper firstly introduces the theoretical knowledge, and then analyses the impact of ultimate controller′s characteristics on cash dividend distribution trends and degree by selecting 1411 family-controlled listed companies as the data sample for five consecutive years between 2004 to 2008, and using logistic regression and multiple linear regression respectively. At the same time, it also analyzes impact of the reform of non-tradable shares on study content.