资本结构、所有权性质与现金股利分配——基于上市公司面板数据的实证研究

Capital Structure,Nature of Ownership and Cash Dividend Distribution:An Empirical study based on Listed Firms in China

我国资本市场中，部分上市公司经营不佳却畸高派现，相反另一些上市公司长期盈利却不（低）派现，中国“股利政策之谜”一直困扰着国内学者。从中国上市公司资本结构的角度出发，运用2006年-2011年上市公司的数据，对不同所有权性质上市公司的现金股利分配行为进行研究，发现由于资本结构和大股东偏好差异，不同所有权上市公司现金股利分配行为差别很大。证监会与再融资行为相挂钩的现金股利政策，可能更适合民营上市公司，对解决国有控股上市公司大股东通过发放现金股利侵占小股东利益的问题并无益处，应区分不同上市公司的所有权性质来推出相应的现金股利分配政策。

In the capital market of China, some listed companies perform poorly, however, they have incredibly high cash dividends ; on the contrary, some with long-term profitability have no （ or low） cash dividends. This was called Chinese dividend riddle, which confuses the domestic scholars all the time. From the perspective of the capital structure of Chinese listed companies, the author makes research of the cash dividend distribution of listed companies with different ownership nature based on their data from 2006 to 2011, and finds that there is great difference in cash dividend distribution among them, which is resulted from the difference of capital structure and the controlling shareholder ＇s preference. The cash dividend policy of CSRC, which is linked to the refinancing behavior, may be more suitable for the private listed companies since it has no benefits for solving the problem of state holding listed companies plundering the minority shareholders by paying cash dividend. Therefore, CSRC should adjust its policy according to the ownership nature of different listed companies.