基于经济波动的控股股东与股利政策关系研究——来自中国证券市场的经验证据

On the Relationship between Controlling Shareholders and Dividend Policies Based on Economic Fluctuations:Evidence from Stock Markets in China

文章考察了控股股东和经济波动对上市公司股利政策的影响。结果表明,从控股股东的角度来看,第一大股东持股比例越高,公司越愿意支付股利,尤其是现金股利。当考虑了经济波动的影响时我们发现,在经济下降期,公司不再愿意支付股利,即使支付股利,公司也偏向于支付股票股利。此外,不同股权性质的公司在经济波动期的股利政策也不一样。在经济下降期,非国有控股公司第一大股东比例越高,股票股利支付数量越少,现金股利支付数量越多,但是,国有控股公司这种变化并不显著,说明相对于国有控股公司,非国有企业的股利政策更容易受到经济波动的影响。

The paper studies the impact of controlling shareholders and economic fluctuations on the dividend policies of listed companies in China. The results indicate that the higher stock-holding percentage of the largest shareholder is, the more the company will be likely to pay dividends, espe- cially cash dividends. During the period of economic depression, companies are less apt to pay dividends. Even if they claim the dividends, they are in- clined to pay stock dividends. In addition, companies with different ownership have different dividend policies. During the period of economic depression, non-state owned companies with the higher stock-holding percentage of the largest shareholder tend to pay less stock dividends but more cash dividends, hut the state-owned companies does not experience these significant changes, which indicates that non-state owned firms are more easily influenced by the economic fluctuations.