股權分置改革後中國大陸上市公司股利偏好

The dividend preference of China listed company after split share structure reform

許薇思(Wei-Ssu Hsu)

指導教授 ： 洪榮華

國立中央大學/管理學院/企業管理學系/碩士(2012年)

摘要

近年來中國股票市場蓬勃發展，中國大陸上市公司的股利政策越來越受到投資人的注意。而中國大陸政府於2005年實行股權分置改革，非流通股獲得可交易性，將使得過去影響中國上市公司股利偏好的因素改變，本文以2001年至2010年間在深圳交易及上海交易所之上市公司為研究對象，利用Logit和OLS迴歸模型檢驗，股權分置改革前後非流通股股東、國家股股東、法人股股東股之股利偏好；以及第二大股東對於控制股東股利偏好之影響。實證結果發現：股權分置改革後，非流通股股東、國家股股東和法人股股東股以及第二大股東的股利偏好轉變，由偏好現金股利轉變為持股越高越偏好股票股利之發放。

關鍵字

現金股利 ； 股權分置改革 ； 股票股利

並列摘要

China is the largest emerging market with the fastest growing rate and increasing importance. The dividend preference of China listed companies attracts attention in theoretical and empirical fields. Moreover, Chinese government implementes the split share structure reform in 2005, which may have influences on dividend preference. Our sample observations include all companies listed on the Shenzhen and the Shanghai Stock Exchange during the years 2001-2010 and the Logit and OLS regression models are used to investigate what is the dividend preference of non-tradable shareholders, state-owned shareholders and legal person shareholders before and after the split share structure reform and how the second largest shareholder affects the dividend preference of controlling shareholders before and after the split share structure reform.

The empirical results show that the dividend preference of non-tradable shareholders, state-owned shares and legal person shareholders change from cash dividends into stock dividends after split share structure reform. The second largest shareholder will collude with controlling shareholder before and after the split share structure reform.

並列關鍵字

stock dividend ； split share structure reform ； cash dividend

參考文獻

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