区域微观环境、股权集中度与现金股利政策

Regional Micro environment,Stock Ownership Concentration and Cash Dividend Policy

笔者通过选择深沪两市2004年～2007年A股公司作为研究样本,利用市场化指数衡量区域微观环境,藉此分析其对现金股利产生的影响,并进一步将研究样本区分为股权集中度较高和股权集中度较低的两个子样本,考察在不同的股权集中度情况下,区域微观环境对现金股利影响的不同表现。

The authors chose the A-share listed companies in Shanghai and Shenzhen Stock Markets from 2004 to 2007 as research sam- pies, made use of marketization index to measure regional micro environment and on the basis of these analysed its effects on cash divi- dend. Furthermore, the authors divided the research samples into high ownership concentration samples and low ownership concentra- tion samples and examined the different effects of regional micro environment on cash dividend in different ownership concentration cases.