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| 文章编号：1672-3104(2012)01-0096-05 |
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上市公司股权结构对股利政策影响的实证研究 |
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邓超，王思捷 |
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（中南大学商学院，湖南长沙，410083） |
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| 摘 要： 股利政策是公司的三大理财活动政策之一，也是近几年来学者研究的热点。从我国上市公司的股权结构入手，运用实证分析，力图揭示股权结构与现金股利之间的关系。研究发现：第一大股东持股的比例与股利分派率正相关，公司前五大股东持股的比例与股利分派率负相关，而国有股比例与流通股比例对股利分派率的影响不显著。 |
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| 关键词： 上市公司；股利政策；股权结构；现金股利；股利分派率 |
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An Analysis of the Influence of the ownership structure on the
dividend policy of listed companies |
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DENG Chao, WANG Sijie |
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（Business School of Central South University, Changsha 410083, China） |
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| Abstract: The dividend policy of the listed company is one of the three core problems in modern company’s financial activities, which also has become the hot area of research. This paper employs the method of empirical to research on the impact of controlling shareholder’s own characteristics upon the tendency and effort of cash dividend distribution in China. The analysis shows that: the first-largest stockholder is positively related to the payout, and the fifth-largest stockholder is negatively related to the payout. The results also indicate that effects of state-owned shares and circulated shares on payout are not significant. |
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Key words: Listed Company; Dividend Policy; Ownership Structure; Cash Dividends; Payout |
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