| 徐小惠.股权结构与股利政策的发展综述及展望[J].全球科技经济瞭望,2009,24(4):64~68 |
| 股权结构与股利政策的发展综述及展望 |
| Review and Prospect on Ownership Structure and Dividend Policy’s Development |
| 投稿时间：2009-01-21 |
| DOI：10.3772/j.issn.1009-8623.2009.04.014 |
| 中文关键词: 股权结构；股利政策；实证研究 |
| 英文关键词: ownership structure；dividend policy；empirical research |
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| 中文摘要: |
| 作为公司财务理论三大支柱之一的股利政策,一直是一个难解之谜。2006年，股权分置改革取得了阶段性的胜利，它解决了长期以来因“同股不同权”而带来的公司治理方面的诸多问题。国际上对股权结构主要从股权流通性、股权集中度、股权制衡度等方面进行探究，而我国关于股权结构与股利政策关系的实证研究主要集中在股权流通性上,研究表明：我国非流通股偏好现金股利,而流通股偏好股票股利。国外研究表明：股权集中度与股利支付水平负相关,而我国则相反。至于股权制衡度,欧洲与亚洲亦得出相反的结论。 |
| 英文摘要: |
| As one of the three pillars of company's financial theory, the dividend policy has always been a puzzle. In 2006, the share reform has achieved a victory; it has resolved a long-term problem of "the same shares to the different right” which brought about many aspects of corporate governance issues. The research of ownership structure in the international community was mainly from stock circulation, ownership concentration degree and ownership balancing power. Most of the empirical researches in ownership structure and dividend policy in China focus on stock circulation and indicate that the non-circulating shareholders prefer cash dividends and the circulating ones prefer stock dividends. Foreign researches show that ownership concentration degree and dividend level have a negative relationship, but the relationship is positive in China. As the researches in ownership balancing power, Europe and Asia have also come to opposite conclusions. |
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