股权集中度、股权制衡与上市公司现金股利政策关系研究——来自中国民营上市公司的经验证据.pdf

《股权集中度、股权制衡与上市公司现金股利政策关系研究——来自中国民营上市公司的经验证据.pdf》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、ABSTRACTThecheck-and-balanceownershipstructureisthecounterbalancemechanismofblockholderswhichreferstotheadditionofthemajorityshareholder,thereareothermajorshareholdersandmultiplelargeshareholderscansuperviseandrestricteachothersothatalleviatingtheconflictbetweenlargeshareholdersandsmallshar

2、eholders.Thecheck-and-balanceownershipstructurebelongstoonepartoftheresearchontheequitystructureofthecompany.Atoverseasresearches,itisalwaysconsideredtobeoneoftheoptimalownershipstructurewhichcanprotecttheinterestsofsmallandmediumshareholders.Inthetimeofsplit-sharestructure，dividendpolicyto

3、findtherelationshipbetweenownershipconcentration,check-and-balanceownershipstructurewithit.Ourresearchprovidesnewevidenceforthefactorsofequitystructureonthecashdividendpoliciesoflistedcompanies.Thesethesischoosesthelargestshareholderastherepresentativeofcontrollingshareholdertoasthevariable

4、ofownershipconcentration,theownershipratioofthesecondtothefivelargestshareholdersasthevariableofthecheck-and-balanceownershipstructure.Theresearchshowsthatthereisasignificantpositivecorrelationbetweenownershipratioofcontrollingshareholderandshareholdersinpowerbalancewiththecashdividendpayou

5、tratio,thecirculationshareholdersshareholdingshasasignificantnegativecorrelationwiththecashdividendpayoutratio.Inprivatelistedcompanies,thecheck-and-balanceownershipstructuredoesnotplayitsroleincorporategovernance,onthecontrary,itaggravatestheagencyproblemofcontrollingshareholder.Forexample

6、,whentheshareholdingratioofothershareholdersislarge,theymayhaveanintensefightovercontrolwiththelargestshareholdertomaximizeprivatebenefitofcontrolling.Whentheshareholdingratioofothershareholdersislow,theymayfollowthemajorityshareholder.OurresearchfocusesonprivatelistedcompaniesontheA-shares

7、tockmarketofShanghaiandShenzhenstockexchangesfrom2008-2012whichcontains2886setsofobservationsoffirms.Themethodtocarryoutempiricalresearchisasfollow,firstanalyzingdescriptivestatistics,secondtheoreticalanalysisandproposinghypotheses,lastbutnotleastbuildin