民营上市公司股权结构对现金股利政策的影响

民营上市公司的现金股利政策受到诸多因素的制约，股权结构、公司所处的不同的市场化程度是影响股利政策的主要因素。文章以2007-2011年沪深两市A股市场749家民营上市公司进行了实证研究。研究表明第一大股东持股比例与民营上市公司现金股利正相关；股权制衡度与民营上市公司现金股利负相关；市场化程度与民营上市公司现金股利正相关。

Effects of Equity Structure of Private Listed Companies on the Cash Div- idend Policy

The cash dividend policy of private listed companies is restricted by many factors Equity structure and marketizatien process are the main factors 749 private listed companies in Shanghai and Shenzhen two city a-share markets in 20072011 were carried on the empirical research Study show the first big shareholder's stake and cash dividends of private listed companies are positive correlation, equity balance degree and cash dividend of private listed companies are negative correlation and private listed companies cash dividends are positive correlation with the degree of marketization.