民营上市公司终极控制人特征与现金股利分配

The Features of Ultimate Controlling Shareholders and Cash Dividend Decision in Private-controlled Listed Companies

本文通过对民营上市公司终极控制人特征对现金股利决策影响的研究发现,在民营上市公司中现金流权越大,上市公司分配现金股利的概率和支付水平较高,当现金流权与控制权的分离程度较高时,其分配现金股利的概率和支付水平均较低。当终极控制人指定上市公司管理者时,上市公司派发现金股利的概率和支付水平相应较高。当上市公司属于集团控制时,终极控制性股东在上市公司中的分离程度也更大,发放现金股利的概率和支付水平均较低。而是否创始家族对现金股利发放概率和支付水平均没有显著影响。

Through studying the effect of ultimate controlling shareholders’features on cash dividend decision, we find that the greater the controlling shareholders’cash flow right, the higher probability of cash dividend and cash dividend payment level because of cash dividend is a kind of shared benefits. The higher separation of cash flow right and control right, the more incentive of expropriation, the lower probability of cash dividend and cash dividend payment level. The empirical result also shows that there is higher probability of cash dividend and cash dividend payment level in the case of the board and top management appointment, and lower probability of cash dividend and cash dividend payment level in the case of group affiliation, The ultimate owners are founding controlling shareholder or not has no significant effect on probability of cash dividend and cash dividend payment level. Our results provide further evidence that ultimate controlling shareholders may acquire more resource to expropriate for private benefits through cash dividend decision.