摘要
本文以2002～2008年沪深A股765家上市公司为样本,实证检验公司治理结构对现金股利分配倾向的影响。结果发现:股权集中、国有控股、董事会规模大、高管薪酬高和选择四大会计师事务所的上市公司倾向分配现金股利,流通股比例高和独立董事规模大的公司不倾向分配现金股利,董事会领导权结构的影响不显著。同时,公司治理好的公司发放现金股利的倾向大,而公司治理差的公司的倾向小。进一步发现,中国上市公司具备发放现金股利的能力,却"不想"派现。
This paper takes 765 A - share listed companies in Shanghai and Shenzhen stock market from 2002 to 2008 as the sample, and make an empirical analysis which corporate governance characteristics have on propensity to pay cash dividends of companies. The resuh shows that in the corporate governance characteristics, ownership concentration, state -owned shareholder, board size, top -management compensation and big four are positively correlated with the propensity to pay cash dividends of companies, and tradable share ratio and independent director factor have the contrary conclusion. But CEO duality factor has uncertain conclusion. In general, China＇s listed companies have the ability to pay cash dividends, but the company does not expect cash dividend, that is, do not want to pay cash dividend.
出处
《经济与管理研究》
CSSCI
北大核心
2011年第2期64-71,共8页
Research on Economics and Management
基金
2010~2011年度重庆大学-日本笹川优秀青年教育基金(SYLFF)"中国上市公司现金股利政策的理论检验"
中央高校基本科研项目(CDJXS11021113)
关键词
公司治理
现金股利分配倾向
代理理论
Propensity to Pay Cash Dividends
Corporate Governance
Agency Theory
