现金股利还是减持收益:不同股权结构下的大股东选择

Cash Dividend or Reduction Revenue:Major Shareholders' Choices under Different Ownership Structures

股改之后,大股东既可以通过减持股份获得资本收益,也可以持有股份获得现金股利,但为了实现自身收益最大化,其必须在两者之间进行权衡。以2010—2016年披露了大股东减持公告的沪深A股上市公司为样本的实证结果表明,现金股利与大股东减持之间存在一定的替代关系:较之不分配现金股利的公司,分配现金股利的公司中,大股东减持规模更小;且每股现金股利分配金额越多,大股东减持规模越小。进一步考虑上市公司股权结构的影响,发现在股权集中度高和股权制衡度低的公司中,现金股利的替代效应明显减弱。

Shareholders can obtain capital gains through the reduction of shares,or hold the shares to acquire cash dividend after the reformation in 2005.Empirical results from the samples of Shanghai and Shenzhen listed companies that disclosed the announcement of major shareholders'holding reduction between 2010 and 2016 show that there is a certain substitution relation between cash dividend and shareholders'reduction.The major shareholders reduce less shares in the companies that distribute cash dividend,compared with the companies that do not distribute cash dividend;and the more cash dividend per share major shareholders get,the less shares they reduce.Furthermore,we find that the substitution effect of cash dividend is obviously weakened in companies with high concentration of stock ownership or low equity balance.