民营上市公司实际控制人与现金股利研究

发布时间：2018-08-02 18:57

【摘要】：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。
[Abstract]:The actual controller has an important influence on the cash dividend distribution of listed companies. This paper takes the private listed companies of Shanghai and Shenzhen Stock Exchange from 2004 to 2006 as a sample, and makes an empirical study on the relationship between actual controller and cash dividend. The results show that the control rights of listed companies obtained by actual controllers through IPO are significantly positively correlated with cash dividends, and the control rights and cash flow rights are significantly positively correlated with cash dividends. The separation of control and cash flow rights and pyramid control are negatively correlated with cash dividend. In addition, compared with the actual controllers who obtain the control rights of listed companies through the way of non-IPO, the actual controllers who obtain the control rights of listed companies through the way of IPO have more significant influence on the cash dividend, and the control rights and cash flow rights of the listed companies have a more significant effect on the cash dividend. Control right and cash flow right separate and control the pyramid when the distribution of more cash dividends.
【作者单位】：山东财经大学会计学院;山东女子学院会计学院;
【基金】：国家社会科学基金项目(11BGL025) 山东省自然科学基金面上项目(ZR2010GM018) 山东省社会科学规划重点项目(10BJGJ24) 山东省社会科学规划会计研究专项(11DKJJ08) 山东经济学院博士基金项目山东省“泰山学者”建设工程专项经费
【分类号】：F224;F276.5;F832.51

【参考文献】