现金股利分配倾向、公司业绩与大股东减持规模

Propensity to Pay Cash Dividends,Firm Performance and Reduction of Large Non-tradable Share Scale

以2007—2010年间沪深A股的568家公司的2383个减持事件为样本,实证检验现金股利分配倾向、公司业绩与大股东减持规模间的关系。研究发现:相较之不分配现金股利的公司,分配现金股利的公司中大股东减持规模更小;而较之业绩较差的公司,业绩良好的公司中大股东减持规模也更小;进一步,现金股利分配倾向与大股东减持的关系会依赖于公司业绩,在分配与不分配现金股利的公司中,随着公司业绩的提升,大股东减持行为的变化会明显不同。

Using the 2383 reduction events sample of 568 Shenzhen and Shanghai A-share listed compa- nies between 2007 and 2010, this paper empirically analyzes relationship between propensity to pay cash dividends, firm performance and reduction of large non-tradable share. The results indicate that shareholders of companies with cash dividend distribution have reduced their shares even lower when compared with com- panies without cash dividend distribution, and shareholders of companies with good performance have re- duced their shares even lower when compared with companies with poor performance. Furthermore, the re- lationship between propensity to pay cash dividends and reduction of large non-tradable share depends on performance. For companies with and without cash dividend distribution, the change of large non-tradable share will be markedly different with the ascension of companies＇ performance.