论文部分内容阅读
本文对我国沪深两市上市公司的面板数据进行实证研究,结果显示,股权结构对我国上市公司的股利支付水平影响显著,国有股比例与股利支付水平负相关,法人股比例、流通A股比例、第一大股东持股比例与股利支付水平正相关。股改后,股权结构得到优化,尤其是对国有股的优化效果明显,股利政策趋于稳定。
The empirical research on the panel data of listed companies in Shanghai and Shenzhen stock markets shows that the ownership structure has a significant impact on the dividend payment of listed companies in China. The proportion of state-owned shares is negatively correlated with the dividend payment level. The proportion of legal person shares, The proportion of shares held by a major shareholder is positively correlated with the level of dividend payment. After the share reform, the ownership structure has been optimized, especially for the optimization of state-owned shares. The dividend policy tends to be stable.