股权结构与创业板上市公司现金股利政策稳定性

Ownership Structure and the Stability of Cash Dividend Policy of GEM Companies

本文以创业板上市公司现金股利政策稳定性为研究对象,实证分析了股权结构对创业板上市公司现金股利政策稳定性的影响。研究发现,股权结构对创业板上市公司现金股利政策稳定性产生了实质性影响,股权集中度越高以及股权制衡程度越高,创业板上市公司越可能保持稳定的现金股利政策,即保持与前一年度相同的现金股利政策。

This thesis chooses the stability of cash dividend policy of CEM companies as the subject,and then analyses the influence that ownership structure has caused to the stability of cash dividend policy of GEM companies. Research shows that ownership structure has a substantive impact on the stability of cash dividend policy of GEM companies. The higher the ownership concentration and structure balance,the more possible that GEM companies can keep a stable cash dividend policy,that is to maintain the same cash dividend policy as the previous year.