股权分置改革、资金侵占与现金股利政策——基于A股上市公司的实证研究

Reform of Nontradable Shares, Fund Embazzlement and Cash Dividend Policy

股权分置改革对我国A股上市公司的公司治理有重要的影响,其对股利政策的影响是研究热点。已有研究表明,资金侵占与现金股利政策作为大股东利益输送的手段。在股权分置改革的背景下,本文对资金侵占与现金股利政策在股权分置改革前后的变化进行了分析。结果发现,股权分置改革不仅减少了大股东的资金侵占,也削弱了资金侵占与现金股利政策之间的关系,表明大股东通过资金侵占及现金股利政策进行利益输送的行为得到抑制,即股权分置改革对上市公司治理有一定改良作用。

The Reform of Nontradable Shares of AShare stock market has a sound impact on listing companies’governance, and the impact on cash dividend policy is a hot issue for scholars. Past studies has shown that as means of large shareholders’tunneling, fund embazzlement is negative with cash dividend policy. Based on the Background of the Reform of Nontradable Shares, this paper investigates the change of the relatiohship of these variables before and after the reform, using theoratical an empirical study, to find evidence for the influnce of the reform on listing companies’governance. The results show that the Reform of Nontradable Shares not only reduce large shareholders’fund embazzlement, but also weaken the relationship between fund embazzlement and cash dividend policy, which means tunneling by fund embazzlement and cash dividend policy has been limited. So, the Reform of Nontradable Shares has some improvements on listing companies’governance.