中国上市公司股利分配政策实证研究——基于股权结构视角

The Empirical Analysis about the Dividend Policy of Listed Company——Based on the Perspective of Ownership Structure

上市公司股利分配政策的选择直接关系到股东、管理者、债权人以及公司本身的切身利益。在评析相关研究文献基础上,立足我国证券市场,分析股权结构对上市公司股利政策的影响。实证分析采用多元线性回归方法,通过设置国有股比例、股权集中度、股权制衡度、机构投资者比例等自变量,着重分析这些变量对于股利分配政策的影响。实证结果表明,股权集中度对于股利支付水平有着显著正相关关系;在我国现有的市场环境下,机构投资者并没有很好发挥股权制衡作用,进而提出改进上市公司股权结构与股利分配政策的相关政策建议。

The choice of dividend policy will be related to the benefits of shareholders, managers, creditors and the company. This pa- per summarizes previous theory and research on the basis of the literature. Based on Chinese unique security market, we focus on the analysis of the ownership structure of listed companies and its dividend policy. In the empirical analysis, we use a multiple linear regression method, by setting the proportion of state - owned shares, the proportion of tradable shares, ownership concentration, equity balance degree, the proportion of institutional investors and other explanatory variables, focusing on influence of these variables for the dividend distribution policy. Empirical results show that ownership concentration has a significant positive correlation to dividend payment;The results also found that in Chinese market investment atmos- phere, institutional investors haven＇ t play the role and their focus does not lie in their payment of dividends but capital gains and speculative acquisition. This paper presents how to improve the ownership structure of companies and dividend .