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| 投资者关注、盈余公告效应与管理层公告择机 | |
| 引用本文： | 陈颐, 张似阳. 精英治理结构对股利分红的影响研究[J]. 北京航空航天大学学报社会科学版, 2019, 32(5): 83-89. DOI: 10.13766/j.bhsk.1008-2204.2017.0280 |
| 作者姓名： | 陈颐 张似阳 |
| 作者单位： | 1.闽江学院 海西财政与金融发展研究中心, 福建 福州 350108;2.浙江大学CARD福建分中心, 福建 福州 350108 |
| 基金项目： | 福建省科技计划项目软科学研究（2017R0079）；闽江学院海西财政与金融发展研究中心、福建省高校人文社科研究基地互联网创新研究中心课题（HXCJ1701） |
| 摘 要： | 针对上市公司的分红问题，运用CSMAR经济金融研究数据库中2008-2015年中国A股和 |
| 关 键 词： | 精英治理 股权结构 董事会结构 股利政策 价格溢出 |
| 收稿时间： | 2017-09-17 |
Power in top management teams:Dimensions,measurement, and validation |
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| CHEN Yi, ZHANG Siyang. Influence of Elite Governance Structure on Dividend[J]. Journal of Beijing University of Aeronautics and Astronautics Social Sciences Edition, 2019, 32(5): 83-89. DOI: 10.13766/j.bhsk.1008-2204.2017.0280 | |
| Authors: | CHEN Yi ZHANG Siyang |
| Affiliation: | 1.Center for Fiscal and Financial Development in Haixi, Minjiang University, Fuzhou Fujian 350108, China;2.CARD in Fujian, Zhejiang University, Fuzhou Fujian 350108, China |
| Abstract: | According to the problem of dividend of listed companies, a comparative study was used to examine the relationship between the dividend policy and elite governance via CSMAR financial research database about A shares and A+H shares in China from 2008 to 2015. The results showed that the higher the proportion of the first largest shareholder of A shares in the sample is, the more companies tend to pay cash dividend, which indicates that concentration of ownership helps to reduce costs of agency in favor of the payment of cash dividend in mainland China. The concurrent appointment of chairman and general manager of listed companies has no significant effect on dividend payment. The price mechanism of Chinese stock market encourages companies to issue more dividends, which helps to explain the phenomenon that A shares are relatively higher than |
| Keywords: | elite governance board structure agency cost dividend policy price spillover |
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