公司治理结构与高送转行为的实证研究

本文以2006年度末实施高送转的65家上市公司为研究样本，建立logistic二元模型。通过实证研究发现，公司治理结构是上市公司实施高送转的重要影响因素，其中董事会的规模、独立董事的比例、监事会的规模和高层管理人员的薪酬制度对高送转行为具有显著的影响。因此，优化上市公司的治理结构能够提高股票股利（分割）决策的有效性。

An Empirical Research on Corporation Government Structure and High Bonus Shares

This paper selects 65 listed companies which distribute high bonus shares in 2006 as samples when setting up a logistic model. The research finds out that corporate government structure is an important factor, which influences the activity of high bonus shares. Among them, the scale of directors, the ratios of independent directors, the scale of supervision and senior managers＇ compensation exert great impact on the activity. So, optimized corporate government structure is vital to restrict the listed companies＇ behaviors in this regard.