上市公司集团化经营、内部资本市场效率与现金股利政策

该文从集团化经营的概念出发,以集团多元化程度和内部资本市场效率作为表征上市公司集团化经营的两个关键变量,检验集团化经营对上市公司股利政策的影响。结果表明,总体来看,集团化经营公司股利分配倾向和力度都要显著低于非集团公司;仅以集团化经营上市公司为样本进一步检验发现,随着多元化程度与内部资本市场效率的提高,集团公司股利分配力度逐步增强,内部资本市场发挥了一定的作用;但上市公司集团化经营与现金股利政策的关系并没有受终极控制人产权性质的显著影响。

Business Group of Listed Companies,Efficiency of Internal Capital Markets and Cash Dividend Policy

Starting from the concept of business group, this paper uses group diversification and the efficiency of internal capital markets as two key variables to characterize the business group of listed company and examines the influence of group operation on the dividend policy of listed company. It turns out that the tendency and dynamics of dividend distribution in collectivized companies are both significantly lower than those in non-grouped corporation; The further inspection by using collectivized operation of listed companies as samples indicates that with the increase of diversification degree and internal capital marketing efficiency, the strength of dividend distribution in group company increases gradually, and the internal capital market plays a certain role; However, the relation between group operation of listed company and cash dividend policy is not influenced significantly by controlling ultimate shareholder’s nature of property right.