财务特征、股权结构与上市银行现金股利政策

Financial Characteristics,Ownership Structure and the Cash Dividend Policy of China's Listed Banks

本文从银行业的特殊性出发,基于财务特征和股权结构视角,分别采用二元选择Logit模型和多元线性回归模型对上市银行的现金股利分配倾向和现金股利分配力度进行了实证分析。研究结果表明,银行的现金股利分配倾向与其股权集中度和股权性质显著正相关,而与财务特征并不相关;银行的现金股利分配力度与其资本充足率显著正相关,与其存贷款比率显著负相关,而与股权结构特征并不相关。也即股权结构决定了上市银行是否分配现金股利,而财务特征决定了分多分少。受投资者情绪传染性影响,一家银行的股利高低会影响到其他银行的股利决策。

Beginning with the distinctiveness of the banking and from the perspective of financial characteristics and ownership structure,the paper employs Logit model and multiple regression models to empirically analyze the tendency and enforcement of cash dividend policy adopted by listed banks.The followings are mainly results:the tendency of cash dividend policy is significantly and positively correlated to the ownership concentration and the property of ownership,but non-correlated to financial characteristics;the enforcement of cash dividend policy is significantly and positively correlated to the capital adequacy ratio,significantly and negatively correlated to loan-to-deposit ratio,and non-correlated to ownership structure.Therefore,the ownership structure decides whether listed banks choose to distribute cash dividend or not,and financial characteristics dominate the amount of cash dividend.Furthermore,due to the contagion of investor sentiment,the cash dividend level of one bank may influence the dividend policies of other banks.