我国民营上市公司控制权结构及现金股利关系实证的分析

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1、phenomena．suchasthatthephenomenonofnon—distributionisserious，evenifsomeofthemhavegoodoperatingperformance；symbolicdividenddistributionwidelyspreadsandfurtherincreasedthepasttwoyears；highleveldividenddistribution,etc．AftertherefcIrmofsplit．share．thephenomenal

2、ikethereducfionofcash-dividendlevelandthegrowthofsymboliccash．dividendshowsnewtrendondividendpracticesinsomeextent．ThethirdchapteriSthecorepart--empiricalanalysis．Thispart，selectingcross—sectiondatafrom2004to2006andusingthemethodsoflogisticregressionandmulti

3、variatelinearregression，analyzeshowcash—dividendpolicyisinfluencedbyprivatecontrolrightstructure,andanydifferenceofthoseinfluencesfore·。and··aftsplit．share．Themainempiricalconclusionincludes：(1)Undertheconditionofsplit．share，privatecontrolrightstructurehassi

4、gnificantimpactoncash-dividendprobabilityandcash．dividendlevel．Therearepositivecorrelationsignificantlybetweencash．flowrightsandcash．dividendlevel，whichistakenasa‘'tunneling”way．(2)Atthebeginningyearofsplit—sharereform，cash—flowrightsanditsseparationwithvoti

5、ngrightshavenot—significantimpactwithcash—dividend．Thepossiblereasonconsistsininstabilitiesofownershipstructurewhichcausedbylargeinstitutionaltransition．(3)Afterthefinishofreform，thesignificantimpactbetweenprivatecontrolrightstructureandcash．dividendreappear

6、s．Underthefaintishsignificancelevel，thereisaninverse-Urelationshipbetweencash．flowrightsandcash—dividendlevel．Insomeextent，theinverse-U．shapeshowsthecontrollingshareholderwhohavehighownershiphaveatrendof“retainedcapital”．Ontheonehand，controlshareholderwithhi

7、ghownershipcouldcontaincash．dividendthroughstockexchange．Ontheotherhand，thetrendof·'retainedcapital”hasrelationshipwithprivatebenefit．(4)Thecombinationofultimateownerandmanagerbringsuperiorcontrolrightstoultimateowner,andalsostrengthenhiscontroloncash—divide

8、ndpolicy．Thefourthchapterhassomeproposals．Consideringtheproblemindividendpracticeandtheempiricalresults，thepaperadvisestoimprovethedividenddistributionofprivatelisted—companyfromthreeaspects，inc