股权结构、现金股利政策和隧道效应刍议

本文通过建立随机最优控制模型对上市公司现金股利支付水平的影响因素进行了研究,研究结果表明上市公司现金支付水平主要是由其盈利能力和资产规模决定的,而且当控股股东持股比例超过某个临界值时就存在现金股利隧道效应。此后,本文结合中国A股上市公司的相关数据建立回归模型对理论模型获得的研究结论进行了实证检验,检验结果验证了论文理论模型获得的结论。

In this paper, we study the Influencing Factors of the cash dividend payoff--level in Chinese public company by stochastic--optimal--control model; the conclusion means that the cash dividend payoff--level is decid ed by profitability and the scale of assets, but there exists tunneling of cash dividend when the share owned by holding shareholder is more than a critical proportion. And then we test the conclusion by regression model in which we use the data of Chinese A stock market, the outcomes coincide with our model.