摘要
2000年以后随着我国派现上市公司数量增加,一些超能力派现公司格外引人关注。选取2004年深圳主板市场超能力派现的42家公司作为测试样本,建立Logistic模型,通过实证研究发现公司治理结构是上市公司发生超能力派现行为的重要影响因素,其中独立董事比例、高管薪酬水平对超能力派现具有显著性影响,公司治理结构的优化有利于制约上市公司的超能力派现行为。
As more and more Chinese listed companies grant cash dividends after 2000, it is noteworthy that some companies grant ultra-ability cash dividends. Selecting 42 listed companies which grant ultra-ability cash dividends listed in main market of Shenzhen Stock Exchange in 2004 for a sampling study, the paper attempts to set up a logistic model. From the empirical research, the authors find that corporate governance structure is an important factor influencing whether listed companies grant ultra-ability cash dividends or not. Among them, the ratio of independent directors and the senior managers＇compensation affect ultra-ability cash dividends markedly. Optimized corporate governance structure is beneficial to the restriction on listed companies＇behavior of ultra-ability cash dividends.
出处
《南京农业大学学报（社会科学版）》
2006年第3期28-33,共6页
Journal of Nanjing Agricultural University(Social Sciences Edition)
基金
江苏省教育厅高等学校哲学社会科学基金项目(06SJD630033)
关键词
上市公司
治理结构
超能力派现
实证研究
corporate governance structure
ultra-ability cash dividends
empirical study
