摘要
本文建立了现金股利与企业价值的联立方程,用二阶段最小二乘法分析了我国特有的股权结构下二者之间的关系。研究结果表明,现金股利支付率与企业价值负相关、与管理层持股比例负相关。
Using simultaneous equation and Two-stage least squares, this paper analyzes the relation between cash dividend and enterprise＇ s value from Chinese ownership structure. The results show that there is negative relationship between cash dividend payout ratio and enterp.rise＇s value, and positive relationship between cash dividend payout ratio and managerial ownership.
出处
《统计研究》
CSSCI
北大核心
2008年第8期65-68,共4页
Statistical Research
关键词
现金股利
企业价值
二阶段最小二乘法
Cash dividend
Enterprise＇ s value
Two-stage least squares
