控股股东特征与现金分红:来自中小板上市公司的经验证据

Research on the Characteristics of Controlling Shareholders and Cash Dividend: An Empirical Analysis Based on the Listed Companies in the Small and Medium-Sized Enterprises Board

本文通过比较中小企业板和主板A股2006—2012年控股股东相关数据,从最终层面探讨控股股东对中小板上市公司现金分红倾向与力度的影响,运用多元线性回归和Logistic回归进行面板数据验证,研究结果表明控股股东控制权、两权分离度和经济性质对中小板上市公司现金股利分配有显著作用。

By comparing the small and medium- sized enterprise board and the main board a- share controlling shareholders＇ related data in 2006 - 2012, this paper discusses the effect of controlling shareholders upon the inclination and magnitude of the cash dividend distribution in listed companies from the ultimate control perspective, and makes use of logistic model and the multivariate linear regression model to verify the panel data. The results show that controlling shareholders＇ economic nature and the control rights and the degree of deviation of ownership from control right have a noticeable impact on the inclination and magnitude of the distribution of listed companies＇ cash dividend in the SME board.