上市公司股权结构、现金股利政策与投资者保护

Listed Company Equity Structure,Investor Protection and Cash Dividend Policy

上市公司的现金股利政策受到诸多因素的制约,而不同的股利派发政策又对投资者保护产生了不同的影响。本文以2005—2009年间沪深两市A股市场1063家上市公司为样本对公司股权结构、现金股利政策与投资者保护三者关系进行实证研究,研究表明:公司股权结构集中度越高、国有控股水平越高的上市公司越倾向于分配现金股利;现金股利政策是一把双刃剑,既可以是投资者寻求权益回报的一种渠道,也可以成为控股股东进行公司资源转移的隐蔽工具。

There are many factors can affect a listed company＇s cash dividend policy,and different dividend policies have different effects to investor protection.We select 1063 listed companies＇ shares as a sample from Shanghai and Shenzhen A-share Markets from 2005 to 2009.We want to know how different equity structure and cash dividend distribution policies affect the small investors＇ rights protection according to the empirical analysis.And on account of empirical analysis we can see that the state-owned companies and companies with high equity concentration tend to pay the cash dividend;the cash dividend policy is a double-edged sword,it can be used as a channel through which investors seek returns on equity,it can also be used as dominant stockholders＇ concealed tool to ＂transfer resources＂.