基于股权分置改革国有控股上市公司现金股利政策研究

Study on the Cash Dividends Policy of State-Owned Listed Companies around the Ownership Reform

本文以2003年至2007年国有控股分红上市公司为研究样本,对股权分置前后国有控股上市公司现金股利政策进行了比较研究。结果表明,股权分置改革前,国有控股上市公司每股现金股利与控股股东持股比例正相关;股权分置改革后,国有控股上市公司现金股利支付水平下降,且每股现金股利与控股股东持股比例显著负相关,证实股权分置改革后国有控股公司的现金股利"隧道"效应减弱。

This article took the state-owned listed companies as the study sample,which had distributed cash dividends during 2003-2007,used the multivariable regression analysis method to compare the cash dividends policy decided by the controlling shareholder before and after the Ownership Reform. The empirical study result indicates that cash dividend per share of the state-owned listed companies has a positive correlation with the share-holding propor-tion of controlling shareholder before the Ownership Reform,supports the 'cash dividends expropriation' hypothesis; After the Ownership Reform,the cash dividend per share drops. In addition,the cash dividend per share has a negative correlation with the share-holding proportion of controlling shareholder as well. So we can drawa conclusion that 'the tunnel effect' of cash dividends in state-owned companies is weaken after the Ownership Reform.