控股股东对上市公司现金股利政策影响的实证研究

A Case Study of the Impact of Controlling Shareholders on the Listed companies' Cash Dividend Policies

本文从最终控制人的概念出发,以控股股东的经济性质、所有权与控制权的分离度以及集团控制性质作为控股股东的特征变量,分别采用Logistic模型和多元线性回归模型分析了控股股东对上市公司现金股利分配倾向和分配力度的影响。研究结果发现控股股东的上述3个特征显著地影响了上市公司的现金股利分配倾向和分配力度。

Starting from the concept of the final control over human beings, taking controlling shareholders' economic nature and the degree of deviation of ownership from control right and the nature of group control as variables of the characteristics of controlling shareholders, and by the respective use of logistic model and the multivariate linear regression model, we have analyzed the effect of controlling shareholders upon the inclination and magnitude of the cash dividend distribution in listed companies. By our study, we have discovered that the above-mentioned three characteristics of controlling shareholders have a noticeable impact on the inclination and magnitude of the distribution of listed companies' cash dividend.