控股股东持股比例、组织形式与现金股利政策——基于资金占用角度的分析

本文选取2001年-2004年的3757家上市公司为样本,对我国上市公司现金股利与资金占用之间的关系进行了研究,发现上市公司现金股利与资金占用之间存在显著的负相关关系.当控股股东持股比例增加、控股股东有能力自由选择是支付现金股利还是用其他方式转移上市公司资源时,现金股利支付率与控股股东的资金占用率之间的替代关系就变得更不明显;而组织形式使集团控股股东转移资源的途径多样化,控股股东所控制的上市公司的现金股利支付率与资金占用率之间的替代关系也同样更不明显.

Controlling Shareholder's Shareholding, Organization and Cash Dividend Policy——Based on Resources Expropriation

Based on a sample from 2001-2004, this paper analyzes the relationship between cash dividend and resources expropriation of Chinese listed companies. It shows that cash dividend was negatively associated with resources expropriation of controlling shareholders. The more shareholding the controlling shareholders control, the more ability they have to tunnel the listed company with different methods, the negative relationship between cash dividend and resources expropriation become weak. The controlling shareholders of groups have the same relationship.