财务特征、公司治理与现金股利分配倾向

Financial Characteristics,Corporate Governance and the Propensity to Pay Cash Dividends of Listed Companies

以2001～2008年间772家沪深A股上市公司为样本,实证分析财务特征和公司治理对现金股利分配倾向的影响得出,在财务特征方面,规模大和盈利能力强的公司倾向于分配现金股利,而成长性高和资产负债率高的公司则相反;在公司治理方面,国有控股、董事会规模大、高管薪酬高和由四大会计师事务所签证的公司倾向于分配现金股利,流通股比例高和独立董事规模大的公司却相反,而公司领导权结构的影响则不显著。概言之,财务特征显示上市公司有能力发放现金股利,但治理因素却表明上市公司并不希望发放现金股利。

This paper takes 772 A-share listed companies in Shanghai and Shenzhen stock market from 2001 to 2008 as the sample, and makes an empirical analysis that whether financial characteristics and corporate governance influence the propensity to pay cash dividends. The result shows that in the related indexes of the financial characteristics, the company size and profitability are positively correlated with the propensity to pay cash dividends, but growth and debt ratio have the contrary conclusion. In the related indexes of corporate governance, state-owned shareholder, board size, top-management compensation and whether or not accounted by Big Four are positively correlated with the propensity to pay cash dividends, and tradable share ratio and the scale of independent director have the contrary conclusion, but the influence of leadership structure of corporation factor is uncertain. In general, financial characteristics shows that Chinese listed companies have the capability to pay cash dividends, but the corporate governance factors have negative influence on the cash dividend payment of listed companies.