新三板挂牌企业股利分配的影响因子检验

Research on the Dividend Distribution Influencing Factors of Enterprises Listed on New OTC Market

文章以2017年8443家新三板挂牌企业为样本,沿袭已有的对主板市场的理论研究,通过Logit模型对新三板挂牌企业的股利分配的影响因素进行深入分析。结果发现：（1）区别于主板市场上市公司的情况,新三板挂牌企业的股利分配具备独有的特点。第一大股东持股比例越高,挂牌企业却越不倾向于分配股利。董事长和经理人同一人的企业更不倾向于分配股利。（2）与主板市场类似的,成长性越好,盈利水平越低,公司规模越小,杠杆率越高的挂牌公司,越不倾向于分配股利。（3）随着股权分散度的提高,公司治理对于股利政策的影响趋同于上市公司。由此说明新三板挂牌企业分红送配行为与主板的差异,从而方便更有的放矢地落实配套政策,推进多层次资本市场的建设。

This paper takes 8443 new OTC（over-the-counter） market listed enterprises in 2017 as a sample, follows the existing theoretical research on the main board market, and uses the Logit model to analyze the influencing factors of the dividend distribution of the new OTC market listed enterprises. The results are shown as follows： 1） Different from the listed enterprise in the main-board Market, the new OTC market listed enterprises＇ dividend distribution has its own unique characteristics. The higher the proportion of shares the largest shareholder owns, the less likely listed enterprises are to distribute dividends. The enterprises with the same chairman and manager are even less inclined to distribute dividends. 2） Similar to the main board market,listed companies with better growth, lower profitability, smaller scale and higher leverage ratio tend to distribute less dividends. 3）As the degree of equity dispersion increases, the influence of corporate management on dividend policy of enterprises listed in new OTC market converges with that of listed enterprises in main board market. All this shows the difference between the dividend distribution behavior of the new OTC market listed enterprises and that of the main board listed enterprises, thus facilitating implementation of supporting policies more effectively and efficiently, and promoting the development of a multi-tiered capital market