创始人家族控股、股权分置与现金股利之谜——基于上市家族企业的实证研究

Founding-family Ownership,the Split of Stock Ownership and the Cash Dividend Puzzle: Evidence from Listed Family Firms in China

本文基于代理理论,研究创始人家族控股、股权分置对家族企业现金股利分配的影响。研究结果发现,创始人家族企业的现金股利分配意愿和分配水平显著高于非创始人家族企业,而且在创始人家族企业,非流通股份比例越高,现金股利分配意愿和分配水平越高,非创始人家族企业则刚好相反。进一步研究还发现,股权分置改革不仅降低了非流通股份比例,而且弱化了创始人家族企业通过高比例派现进行增值变现的动机,减少了两类家族企业之间的现金股利分配的差异,不过整体上促使家族企业分配更多的现金股利,而且也降低了家族企业的资金侵占水平。

Based on the Agency Theory, this paper tests the impacts of founding family ownership and the split of stock ownership on the cash dividend policy of listed family companies. We find that the founding family firms distribute much more cash dividend than the non-founding family firms, and the proportion of nonnegotiable shares is significantly positive with the level of cash dividend distribution in the founding family firms, but negative in the non-founding family firms. Further research shows that the split share structure reform not only reduces the proportion of nonnegotiable shares, but also weakens the founding families＇ motives to get benefits through high dividend distribution and reduces the difference in cash dividend distribution between founding family firms and non-founding family firms. In a whole, more cash dividends are distributed by family firms, the level of capital infiltration is also reduced.