国有控股与法人持股对公司股利政策的影响研究

以2006—2009年沪深A股上市公司为样本,从股利政策角度研究国有控股及法人持股的治理效应,以及国有控股和法人持股在股利政策中的交互作用。研究发现：非国有控股公司发放现金股利水平显著低于国有控股公司;非国有控股公司中法人持股对公司的股利政策有正的影响,但在国有控股公司样本中并没有影响,法人股在国有控股公司中更多的表现为从属。

Influence of Stateshares Holder and Institutionshares Holder on Dividend Policy

We take the Shanghai and Shenzhen A-share listed year 2006-2009 as the sample companies to reasech about the Stateshares holder and the institutionshares holder effect to the coporate governance from the perspective of dividend policy,and the interaction of state-controlled and institution shares in the dividend policy. The reasearch shows that cash dividends distributed by non-state holding companies are significantly lower than state-owned holding companies. The institution has a positive impact to the shares dividend policy in the non-state-owned holding company,but it has no effect in the state-owned holding company .