经理管理防御对现金股利支付影响的实证研究

An Empirical Analysis of Management Entrenchment Effect on Cash Dividend Payment

本文在系统阐述经理管理防御对企业现金股利支付水平影响因素的基础上，以我国上市公司为对象，选取2004-2006年的数据进行实证研究。结果表明，经理人的经营业绩、财务杠杆和公司规模对上市公司的现金股利支付水平影响比较明显；而经理人持股比例、经理人员任期长短和第一大股东持股比例对企业现金股利政策影响不明显，这主要与我国目前企业不同性质的股权结构、经理人员任免等政策有关。但当第一大股东持有的为流通股份时，其持股比例与现金股利支付水平明显呈正相关。以上说明，经理管理防御对企业现金股利政策具有显著影响。

The paper was based on the basement of factors of management entrenchment influencing the level of cash dividend payment.We took the listed company as the object and selected the three years' data of 2004～2006 to research.The result indicated that between directors' management performances,financial leverage level,the size of company and the level of cash dividend listed company were remarkable correlation.On the contrary,fraction of shares owned by managers,the managers' tenure and fraction of shares owned by the largest block holder were unobvious related with cash dividend policy of the enterprise.This result is mainly related with the different ownership structure and the policy of the mangers' tenure in Chinese enterprises.But when fraction of shares owned by managers was circulated stock,the result was remarkable correlation. This indicated that management entrenchment has important effect on cash dividend payment.