少数股权占比对上市公司现金股利分配影响研究

A Study on the Effect of Minority Shareholders on Cash Dividends of Listed Companies

本文分析并检验了企业集团中子公司少数股权占比对上市公司现金股利分配的影响。研究发现:第一,子公司少数股权占比越高,上市公司现金股利分配的倾向性和支付水平越低;第二,相比于民营企业,在国有企业中子公司少数股权占比对上市公司现金股利分配的负向影响相对有所缓解;第三,进一步从市场价值的角度扩展研究,发现子公司少数股权占比的提升会损害企业现金持有价值。本文为上市公司现金股利分配的影响因素研究提供了新的理论解释和经验证据,也为上市公司增强集团内部管控和治理以保障自身现金分红能力提供了重要启示。

This paper examines the effect of subsidiaries＇ minority shareholders on cash dividends of listed company. We get several interesting fi ndings. Firstly, the higher proportion the subsidiaries＇ minority shareholding is, the less cash dividends listed company could pay. Secondly, the negative effect of subsidiaries＇ minority shareholders on cash dividends of listed company is weaker in state-owned enterprises compared with private enterprises. Finally, we do a further research from the perspective of market value, and fi nd that subsidiaries＇ minority shareholders have a negative effect on the value of corporate cash holdings. This paper presents new theoretical argument and empirical evidence for the studies on infl uencing factors of listed company＇s cash dividends, and also has important practical signifi cance for listed company to enhance the group control and governance in order to ensure the ability to pay cash dividends.