剥夺型公司治理模式对现金股利政策的影响研究

Study on Impact of Expropriate Company Governance Model on Cash Dividend Policy

针对2004-2014年上市公司中的剥夺型公司,采用LOGIT和TOBIT模型研究其治理模式对公司现金股利政策的影响。选取全面的衡量指标以及大量的样本数据,通过实证研究发现,两权分离度和中小股东的股权制衡对剥夺型公司现金股利影响复杂,但对公司现金股利的影响并不显著。市场化指数的提高和关联交易的增加对剥夺型公司的现金股利存在正向影响。

For the expropriate company in listed companies from 2004 to 2014,LOGIT and TOBIT model is adopted to study its governance model＇s influence on cash dividend policy of the companies. Comprehensive measures and a large number of sample data are selected. Through the empirical study it is found that the separation of cash flow rights and control rights and the minority shareholders＇ equity balances have complex effect on the cash dividend policy of expropriate company,but the impact on the company＇s cash dividend is not significant. The improvement of market index and the increase of related party transactions have positive effect on the cash dividend policy of expropriate company.