摘要
运用我国A股上市公司2007—2010年数据,对金融危机、股权集中度与现金股利支付政策的关系进行研究,结果显示:在金融危机期间上市公司倾向于不支付现金股利或降低现金股利支付水平以应对未来收益的不确定性;相对于股权集中度较低的上市公司,股权集中度较高的上市公司在金融危机期间的现金股利偏好反而有所增强,即在金融危机期间,股权集中度较高的上市公司倾向于支付更多的现金股利以满足大股东对现金的需求。
This paper, using the data of 2007--2010 A-share companies, analyzes the impact of financial crisis and ownership concentration on listed companies＇ cash dividend policies. The empirical results indicate that, during financial crisis, listed companies tend to miss cach dividend and reduce the level of cash payout to cope with income uncertainty in the future. Contrary to listed companies with lower ownership concentration, financial crisis strengthens the preference for cash payout of listed companies with high ownership concentration, i. e. during financial crisis, listed companies with high ownership concentration may pay more cash dividend to satisfy large shareholders＇ cash need. The results of this paper provide reference for supervision on listed companies＇ paying out cash dividend.
出处
《南京审计学院学报》
2014年第3期39-48,共10页
journal of nanjing audit university
基金
国家自然科学基金面上项目(71272189)
教育部人文社会科学研究项目(12YJA790193)
天津财经大学研究生创新基金项目(2013TCB002)
关键词
金融危机
现金股利分配
股权集中度
上市公司
偏好
股利支付政策
金融风险
financial crisis
cash dividend distribution
ownership concentration
preference
dividend payout policy
financial risk
