上市公司股权结构与现金股利政策的实证研究

An Empirical Study of Ownership Structure and Cash Dividend Policy of Listed Companies

股权结构与股利政策之间的关系一直以来都是财务理论中的一个热点问题,国外学者就从股权结构研究股利政策形成了许多不同的理论,而我国从股权结构的角度探讨其对股利政策的影响则主要集中在流通性和股权属性上。本文选取了2015年沪深两地商业类上市公司为样本,并结合我国的实际构建模型,从股权结构的角度选取了若干可能对现金股利政策产生影响的因素进行实证研究。研究结果表明,股权结构中的国有股比重、第一大股东持股比例等因素对于商业类上市公司的股利政策有着显著影响。

The relationship between ownership structure and dividend policy has always been a hot issue in the theory of finance, foreign scholars have formed many different theories by studying dividend policy from equity struc- ture. However, Chinese scholars mainly focus on liquidity and equity properties to discuss the influence on dividend policy from ownership structure. This article selects the 2015 listed companies as samples and business class, and combines the actual conditions of our country to construct model, from the perspective of equity structure to select a number of possible impact on cash dividend policy factors of empirical research. The research results show that the proportion of state - owned shares of equity structure, the first big shareholder＇s stake to business class has a significant impact on the dividend policy of listed companies.