股权分置改革对中国上市公司现金股利影响的实证研究

The Empirical Research on the Effect of the Stock Ownership Distribution Reform to Cash Dividend of China's Listed Company

作为公司治理的基础,上市公司的股权结构必然对公司的股利政策产生影响。自2005年证监会提出股权分置改革至今,上市公司的改革已基本完成。实证分析说明,目前股权分置改革对股利政策尚没有明显影响。

As the basement of corporate administration, the stock ownership structure affects the cash dividend＇s policy of company inevitably. Since the stock ownership distribution reform brought by CSRC in 2005, the reform of listed companies finished completely. The empirical analysis proves that the present stock ownership distribution reform affects cash dividend＇s plolicy little.