摘要
基于半强制现金股利政策与我国股权分置改革的背景,以2013—2016年沪深两市A股上市公司的2533个样本数据为依据,建立模型,可以看出产权性质、现金股利与中小股东权益保护之间的关系。研究结果表明,现金股利与中小股东权益保护存在显著的正相关性,产权性质能够调节两者之间的关系,可以为企业制定合理的现金分红政策、保护中小股东的权益、提升企业价值提供必要参考。
Based on the background of the semi-compulsory cash dividend policy and the reform of China’s equity division,a model was established based on the sample data of 2533 listed companies in Shanghai and Shenzhen from 2013 to 2016.The relationship between property rights,cash dividends and protection of minority shareholders’rights and interest is analyzed.The results show that there is a significant positive correlation between cash dividends and the protection of minority shareholders’rights and interest.The property rights can regulate the relationship between the two,which can provide necessary reference for enterprises to formulate reasonable cash dividend policies,to protect minority shareholders’rights and interests and to enhance the value of enterprises.
出处
《求是学刊》
CSSCI
北大核心
2019年第3期90-97,共8页
Seeking Truth
基金
教育部人文社会科学基金项目"制度背景
管理者权利与公司投资效率研究"(14XJJC630002)
关键词
产权性质
现金股利
中小股东权益保护
property right
cash dividends
protection of minority shareholders’rights and interests
