- 學位論文
現金股利與股權結構之實證研究-以中國上市公司為例
The Relationship between Ownership Structure and Cash Dividends -Evidence from Chinese Listed Companies
摘要
本研究探討中國上市公司的股權結構與現金股利發放的相關性。從短期負債比率、國家持股比率、內部人持股比率、外國機構持股比率與現金股利進行分析。從中國證監會在2001年頒布的<上市公司新股發行管理辦法>到2008年再次修正法令，明訂公司必須公布現金股利政策與利潤分配政策，藉此捍衛少數股東的權益。這些連續性的政策都是希望中國上市企業能將利潤與股東分享，但是中國上市企業的股權結構與西方國家不同，股利政策還是被政府所控制，因此造成許多代理問題與代理成本。 本研究採中國上海及深圳的上市公司2002年到2008年的樣本，做為現金股利與股權結構的研究，本研究發現現金股利殖利率與短期負債比率具有顯著的負相關，在國家持股比率、外國機構持股比率則與現金股利殖利率具有顯著的正相關，內部人持股比率則為正相關但不顯著。
並列摘要
This paper aims to examine the relationship between ownership structure and cash dividends. The China Securities Regulatory Commission (CSRC) declared “Measures for the Administration of the Listed Company Issuing New Shares” in 2001, which regulated that firms must achieve a specified minimum ROE before issuing new equities, and the regulations were revised for the cash dividend policy in 2008 to protect minority stockholders’ interests and to share benefits with shareholders. We use the Chinese listed firms ranging from 2002 to 2008 as the sample. We find that state ownership and foreign institutional ownership have significantly positive relationship with cash dividend yield; short-term debt ratio is significantly and negatively associated with cash dividend yield, managerial ownership is positive relationship with cash dividend yield but not significantly.