股权结构和未来投资机会对股利政策的影响

A Study on the Influence of Ownership Structure and Corporate Future Investment Opportunities on the Dividend Policy

目前影响我国上市公司股利政策的因素有很多,本文运用多元回归模型,选取2012-2013年主板、中小板和创业板上市公司为样本,分析了股权结构、企业未来投资机会对上市公司股利政策的影响。实证研究发现,对于主板市场上市公司,股权结构对股利政策的影响显著,但企业未来投资机会不是制定股利政策的重要考虑因素。而对于中小板、创业板市场上市公司,在制定股利政策时将企业未来投资机会纳入考虑范围,而股权结构对股利政策的影响较小。本文对出现这一研究结果的原因作出阐述,并针对优化公司治理、保护投资者权益等问题提出相关对策建议。

At present,there are a lot of factors influencing the dividend policy of the public companies in our country. This study applies the multi- regression model,selecting the data of the main board,small and medium- sized boards and the listed companies on GEM from 2012 to 201 as samples to analyze the influence of the ownership structure and the future investment opportunities on dividend policy. The results show that,for the main board listed companies,the ownership structure has a great effect on the dividend policy,but the future investment opportunity is not the main factor in designing the dividend policy. For those SMEs and the listed companies on GEM,the ownership structure has a small effect on it,but when designing the dividend policy,the future investment opportunity of companies should be included. Thus the reasons for the results of this study are well elaborated in this paper,and then some relevant suggestions aiming at optimizing the corporate governance and protecting the shareholders＇ rights and interests are put forward as well.