产品市场竞争的公司治理效应：基于股利政策的证据

以2004年至2007年深沪两市上市公司作为研究样本,探讨了产品市场竞争程度在上市公司股利政策中治理效应。对全样本进行回归,研究发现,产品市场竞争程度和每股现金股利呈正相关关系。通过分样本研究发现：在非国有控制样本中每股现金股利和产品市场竞争程度相关系数为正,与全样本相关性一致,但在国有控制样本中每股现金股利和产品市场竞争程度参数不显著,说明产品市场竞争在国有上市公司中并不对现金股利发放产生影响,同时反映了我国产品市场竞争程度还不够高。产品市场竞争程度较高样本组中每股现金股利和产品市场竞争程度在5%水平下显著为正,说明在集中度较高行业中的公司,趋向于支付更多的现金股利。

Corporate governance effect of Product market competition: Evidence-based dividend policy

Taking data observed from Chinese listed companies from 2004 to 2007 as a research sample,this paper discusses the degree of product market competition in the governance of listed companies effect of dividend policy.Of the full sample regression,the study finds,the product market competition and the cash dividends are positively correlated.Through sub-sample study finds that： In the control sample of non-state cash dividends,the degree of product market competition and cash dividends is positive,consistenting with the relevance of the full sample,but the state-controlled sample of cash dividends and product market competition Level parameter is not significant,showing that a product market competition in the state-owned listed companies do not have an impact on the cash dividend,and the degree of product market competition in China is not high enough.a higher degree of product market competition in the sample group,cash dividends and product market competition in the 5% level significantly positive,indicating companies of a high degree of concentration of industries tend to pay more cash dividends.