| 公司治理与现金股利分配倾向——来自中国上市公司的经验证据 |
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| 引用本文： | 林川,曹国华,陈立泰. 公司治理与现金股利分配倾向——来自中国上市公司的经验证据[J]. 经济与管理研究, 2011, 0(2) |
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| 作者姓名： | 林川 曹国华 陈立泰 |
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| 作者单位： | 重庆大学经济与工商管理学院 |
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| 基金项目： | 2010～2011年度重庆大学-日本笹川优秀青年教育基金(SYLFF)"中国上市公司现金股利政策的理论检验"，中央高校基本科研项目 |
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| 摘 要： | 本文以2002～2008年沪深A股765家上市公司为样本,实证检验公司治理结构对现金股利分配倾向的影响.结果发现:股权集中、国有控股、董事会规模大、高管薪酬高和选择四大会计师事务所的上市公司倾向分配现金股利,流通股比例高和独立董事规模大的公司不倾向分配现金股利,董事会领导权结构的影响不显著.同时,公司治理好的公司发放现金股利的倾向大,而公司治理差的公司的倾向小.进一步发现,中国上市公司具备发放现金股利的能力,却"不想"派现.
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| 关 键 词： | 公司治理 现金股利分配倾向 代理理论 |
Corporate Governance and the Propensity to Pay Cash Dividends Empirical Evidence from Chinese Listed Companies |
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| LIN Chuan,CAO Guo-hu,CHEN Li-tai. Corporate Governance and the Propensity to Pay Cash Dividends Empirical Evidence from Chinese Listed Companies[J]. Research on Economics and Management, 2011, 0(2) |
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| Authors: | LIN Chuan CAO Guo-hu CHEN Li-tai |
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| Affiliation: | LIN Chuan~1,CAO Guo-hua~1,CHEN Li-tai~2 (1.College of Economics and Business Administration,Chongqing University,Chongqing 400044,2.College of Trade and Public Administration,Chongqing 400044) |
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| Abstract: | This paper takes 765 A - share listed companies in Shanghai and Shenzhen stock market from 2002 to 2008 as the sample,and make an empirical analysis which corporate governance characteristics have on propensity to pay cash dividends of companies.The result shows that in the corporate governance characteristics,ownership concentration,state - owned shareholder,board size,top - management compensation and big four are positively correlated with the propensity to pay cash dividends of companies,and tradable sh... |
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| Keywords: | Propensity to Pay Cash Dividends Corporate Governance Agency Theory |
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