精英治理结构对股利分红的影响研究

Influence of Elite Governance Structure on Dividend

针对上市公司的分红问题,运用CSMAR经济金融研究数据库中2008-2015年中国A股和“A+H”股的数据,考察公司运作过程中治理结构与股利政策之间的关系。结果显示,在A股样本中第一大股东的持股比例愈高,公司愈趋向于发放较多的现金股利,这表明在中国内地,股权集中度有助于代理成本的减少从而有利于现金股利的发放;上市公司董事长与总经理兼任对股利支付的影响不具显著性;中国股票市场的价格机制鼓励公司多发股利,这一点有助于解释第一大股东在股利发放的积极性方面A股比“A+H”股公司相对较高的现象。研究结论对于当下中国资本市场的发展有着重要的政策意义。

According to the problem of dividend of listed companies, a comparative study was used to examine the relationship between the dividend policy and elite governance via CSMAR financial research database about A shares and A+H shares in China from 2008 to 2015. The results showed that the higher the proportion of the first largest shareholder of A shares in the sample is, the more companies tend to pay cash dividend, which indicates that concentration of ownership helps to reduce costs of agency in favor of the payment of cash dividend in China's Mainland. The concurrent appointment of chairman and general manager of listed companies has no significant effect on dividend payment. The price mechanism of Chinese stock market encourages companies to issue more dividends, which helps to explain the phenomenon that A shares are relatively higher than “A + H” shares in the initiative of the largest shareholders in dividend payment. The low-growth companies tend to issue dividends in order to attract more investors. The research conclusions of corporate governance and dividend distribution have important policy implications for the current Chinese capital market.