股权结构与股利政策实证研究综述

从股权结构角度研究股利政策是近年来各国学者研究的热点问题。我国关于股权结构与股利政策关系的实证研究主要集中在股权流通性上,研究表明我国非流通股偏好现金股利,而流通股偏好股票股利。国外研究表明股权集中度与股利支付水平负相关,而我国则相反。关于股权制衡度与股利政策的研究表明,在欧洲,多个大股东的存在有利于抑制内部股东对外部股东的掠夺,股利支付率较高;而在亚洲,多个大股东则会合谋掠夺外部股东,支付较低股利甚至不支付股利。在我国,国有股"一股独大",其他大股东的持股比例较低,制衡作用有限,且倾向于依附第一大股东或与其联盟,利用现金股利的"隧道效应"谋取私利。

A review of empirical researches in ownership structure and dividend policy

Study of dividend policy from the respective of ownership structure is hot around the world in recent years.Most of the empirical researches in ownership structure and dividend policy in China focus on stock circulation and indicate that the non-circulating shareholders prefer cash dividends to the circulating.Foreign researches show that ownership concentration degree and dividend level have a negative relationship,but the relationship is positive in China.The researches in ownership balancing power and dividend policy find that dividend rates are higher in Europe than in Asia.Multiple large shareholders are likely to dampen expropriation of outside shareholders by controlling shareholders in Europe,while the opposite is true in Asia.In China,stateowned stock proportion is so large that the balancing function of other major stockholders is limited,who tend to form alliance with the first major stockholder using the cash dividends as "the tunnel" to obtain private profits.