交通运输业股权结构与股利政策关系的研究

The relation of Stockholder structure and dividends policy for transport industry

文章以2005—2007年期间我国交通运输板块28家上市公司数据为样本,利用固定影响的panel data模型对我国的交通运输业上市公司的股权结构和股利分配进行研究和分析。研究结果表明,我国交通运输业上市公司股权结构对股利分配率有显著性影响,流通股比例对资本利得有着特殊偏好,与股利支付率负相关;第一大股东持股比例和第二大股东持股比例与股利支付率正相关,前十大股东持股比例平方和与股利支付率负相关。

We analyse the stockholder structure and the dividends distribution, based on the 28 transform industry firms data from 2005 to 2007. We get the conclusion that stockholder-structure effect the dividends distribution policy significantly;Individual Stockholder prefer to the speculative gain;The stock-hold-rate of first-big-stockholder and the secondbig-holder positive correlate to the dividends distribution, and the square of the first-ten-big-stock-hold-rate negative correlate to the dividends distribution.