产品市场竞争、股权集中与现金股利政策——基于对中国上市公司的实证分析

Product Markets Competition, Ownership Concentration and Cash Dividend Policy :Based on Empirical Analysis of China's Listed Companies

本文分析了股权集中和市场竞争对上市公司现金股利政策的影响,发现随着前十大股东持股比例的提高,大股东利用现金股利"掏空"公司的动机在增加。深入研究发现,相对于国有企业而言,非国有企业大股东更倾向于派发现金股利。因此,必须改变我国企业股权结构高度集中的现状。充分的产品市场竞争被认为是公司治理的良好外部手段,本文的实证结果也倾向于支持这一观点,即产品市场竞争能有效地抑制大股东利用现金股利"掏空"公司,同时这种抑制作用对非国有企业更为明显。因此,为企业创造公平的竞争环境和融资环境,有利于充分发挥市场竞争对大股东"掏空"公司行为的抑制作用。

This paper studies whether the degree of equity concentration and product market competition influences listed companies＇ cash dividend policy. It shows that with the increase of top 10 shareholders＇ shareholding ratio, big shareholders＇ motivation of hollowing out company by cash dividend also increased. Compared with the state owned enterprises, the non state enterprises＇ large shareholders are more inclined to distribute cash dividend, through further study. So, the improvement of ownership concentration is necessary. Product market competition is considered to he a good external corporate governance means, in this paper, the empirical resuhs tend to support this which means product market competition can effectively restrain large shareholders ＂hollowing out＂ company by cash dividend, but the inhibitory effect of non - state enterprise are more obvious. In order to restrain such behavior of ＂hollowing out＂, it should be strived to foster a fair financing environment for the companies.