作　　者： ;

机构地区： 中山大学管理学院

出　　处： 《中山大学研究生学刊（社会科学版）》 2010年第1期86-101,共16页

摘　　要： 本文基于委托代理理论,以我国制造业的上市公司2005-2007年的数据为样本,研究在我国特殊国情下,上市公司的股权制度与现金股利政策是否具有显著的相关关系,大小股东之间的控股关系是否会直接影响上市公司的现金股利发放情况。研究结果表明:在我国上市公司制造业中,现金股利政策与第一股东持股比例有较为显著的正相关关系,即第一股东持股比例越高,公司越倾向于发放更多的现金股利。 The paper is based on agency theory,with listed companies in China manufacturing industry data from 2005-2007 as the sample to studying in our particular national circumstances,if there is a significant correlation between the structure of ownership and cash dividend policy in the listed companies,whether the size of the shareholders holding will directly affect the public dissemination of cash dividend in the listed companies.The results show that:in the manufacturing industry of listed companies in China,the cash dividend policy and the shareholding ratio of the first shareholder to have a more significant positive correlation,namely the higher the shareholding ratio of the company the more likely to release additional cash dividend.

关 键 词： 现金股利 制造业 股权结构

领　　域： [经济管理]