民营上市公司实际控制人与现金股利研究

实际控制人对上市公司的现金股利分配具有重要影响。本文以2004-2006年沪深证券交易所的民营上市公司为样本,对实际控制人与现金股利之间的关系进行了实证研究。研究结果证实,实际控制人通过IPO的方式获得上市公司的控制权同现金股利显著正相关,控制权与现金流权同现金股利显著正相关,控制权与现金流权发生分离和采用金字塔控制方式同现金股利显著负相关。而且,与通过非IPO的方式获得上市公司控制权的实际控制人相比,通过IPO的方式获得上市公司控制权的实际控制人其控制权与现金流权对现金股利的影响更加显著,控制权与现金流权发生分离和控制方式为金字塔时发放的现金股利更多。

A Study on Ultimate Controlling Shareholder and Cash Dividend of Private Listed Company

Ultimate controlling shareholder of a listed company has an important influence on cash dividend.This paper selects private listed companies of Shanghai Stock Exchange and Shenzhen Stock Exchange from 2004 to 2006 as samples,and presents an empirical study on the relationship between ultimate controlling shareholder and cash dividend.The result shows that ultimate controlling shareholder acquiring control right through IPO has a significantly positive relation to cash dividend,control right and cash flow right has a significantly positive relation to cash dividend,and divergence between control right and cash flow right and pyramid control mode has a significantly negative relation to cash dividend.For ultimate controlling shareholders acquiring control right through IPO,control right and cash flow right have a more significant influence on cash dividend,and cash dividend is more when there is divergence between control right and cash flow right and when applying pyramid control mode if compared with other ultimate controlling shareholders.