市场化进程、最终控制人性质与现金股利行为——来自中国A股公司的经验证据

本文实证研究了中国市场化进程差异对上市公司现金股利政策的影响,以及市场化进程,在不同产权类型最终控制人的公司中对其现金股利政策影响的差异。结果表明,在其他条件相同的情况下,市场化程度越高,公司倾向于发放更多的现金股利;市场化程度的这种影响,在由非国有产权控制的公司中更为明显。并且发现,最终控制人性质不同的公司,股本规模对公司现金股利政策的影响,存在明显的差异。

The Process of Marketization,the Nature of Ultimate Ownership,and Cash Dividends

This paper concerns our case study on the effect of the difference in the process of marketization in China's different provinces and regions upon listed companies' cash dividend policies and on the difference in the effect of the marketization process upon cash dividend policies of listed companies with ultimate controllers and under different kinds of ultimate ownerships.The outcome of our study indicates that,other things being equal,the greater the degree of commercialization,the more cash dividend the companies are inclined to release,and that this effect of the degree of commercialization is more obvious in companies under non-state ownerships.We have also found out that there exist obvious differences in the impact of the amount of capital stock on company policies about cash dividend in companies with different ultimate controllers in nature.