金融行业异质性、股权结构与现金股利关系研究

Study on Relationship of Heterogeneity of Financial Industry,Equity Structure and Cash Dividend-empirical

金融业作为一种特殊行业,其收益主要来源于资本高杠杆的特殊利益,且高风险、高负债并存。股权分置改革后,金融类上市公司股权结构发生了很大变化,因此结合金融行业的异质性,研究股权结构对现金股利政策的影响具有重要的现实意义。本文以2015-2017年为研究的时间段,筛选了50家金融类上市公司作为研究样本,结果表明:管理层持股比例与现金股利的发放呈负相关,流通股、非流通股比例与现金股利的发放呈正相关,股权集中度与现金股利的发放呈正相关,股权制衡度与现金股利的发放呈负相关。其研究成果无论是对于公司实际管理者制定合理的股利政策,还是从宏观上股权分置改革针对特殊的金融行业是否需要特殊的措施,都有着参考意义。

Financial industry as a special industry, its income mainly comes from the special benefit of high leverage of capital, and high risk and high debt coexist. After the reform of split share structure, the ownership structure of financial listed companies has changed greatly, so it is of great practical significance to study the influence of equity structure on the cash dividend policy of financial listed companies. Taking 2015-2017 as the research period, this paper selects 50 financial listed companies as the research sample. The results show that the proportion of management holding shares is negatively related to the cash dividend, and the circulation of shares is negative. The proportion of non-tradable shares is positively correlated with the distribution of cash dividends, the degree of equity concentration is positively correlated with the issuance of cash dividends, and the degree of equity checks and balances is negatively correlated with the issuance of cash dividends. The research results have reference significance for the actual managers of the company to formulate reasonable dividend policy or for the reform of split share structure from the macro point of view whether special measures are needed for the special financial industry.