摘要
以完成股权分置改革的上市公司作为对象,运用普通多元回归方法对上市公司的现金股利分配政策进行研究。实证表明,上市公司股改后一年内分配的现金股利与其在股改中支付的综合对价水平呈显著负相关关系。对价越高,上市公司股东获得的现金股利越低,无论是在国有企业还是非国有企业都是如此。在对样本进行分组研究后发现,两类企业股改后支付的现金股利水平明显存在差异,国有控股企业比非国有控股企业支付更多的现金股利。至于上市公司的资产负债率和控制权则都与上市公司股东获得的现金股利呈显著正相关关系。
Based on the listed companies that have completed the split-share structure reform,the relationship between consideration and cash dividends is examined with ordinary multiple regression method.Empirical results show that the relationship between the two aspects has a negatively correlated relationship.The higher the consideration,the lower cash dividends after the split-share structure reform,whether the enterprises are state-owned or non-state-owned.Samples in the study are divided into two groups：state-owned and non-state-owned.The cash dividends are apparently different.The shareholders in the former receive more cash dividends than the latter.The asset-liability ratio and the ownership concentration have a positive correlation with cash dividends.
出处
《软科学》
CSSCI
北大核心
2012年第7期118-122,共5页
Soft Science
基金
国家自然科学基金项目(70602035
71090402)
四川省青年科技基金资助项目(2012JQ0022)
教育部人文社会科学基金项目(11YJA790189
12YJC790070)
中央高校基本科研业务费专题项目(A0920502051113-67)
四川省重点学科"企业管理"建设项目(SED 0801-09-1)
关键词
股权分置改革
对价
现金股利
股权集中度
资产负债率
split-share structure reform
consideration
cash dividends
ownership concentration
asset-liability ratio
