多个大股东与现金股利分配研究

企业现金股利是公司金融中较具争议的问题，一直是财务学者研究的重点话题。文章针对我国上市公司普遍存在多个大股东的现实以及公司派发现金股利低且不连续的实际，在系统分析企业生长周期、企业所处行业、投资者需求以及控股股东对企业现金股利分配决策影响的基础上，将多个大股东与现金股利置于同一框架下进行研究，理论分析和实证检验了多个大股东通过影响公司的第一类代理问题和第二类代理问题而影响公司现金股利的派发。基于公司是否存在多个大股东以及多个大股东之间一致行动人的关系视角，文章以我国2008—2017年沪深两市的上市公司为样本，运用Stata15.0进行固定效应回归，实证检验多个大股东对公司现金股利分配决策的影响。实证结果表明，多个大股东与现金股利呈显著正相关关系，即存在多个大股东的企业更倾向于发放现金股利。考虑到可能存在的自变量和因变量度量误差，以及现金股利与多个大股东之间存在的双向因果和遗漏变量等内生性问题的影响，通过改变自变量和因变量度量方法，采用倾向得分匹配法、Heckman两阶段模型以及DID等方法降低可能存在的内生性问题，实证结果仍然成立。进一步考虑公司所处法律环境、公司的控股现实以及公司的...

Research on multiple large shareholders and cash dividends distribution

Corporate cash dividend is a controversial issue in corporate finance, which has always been the focus of financial scholars. In view of the fact that there are multiple major shareholders in Chinese companies and the fact that the company pays low and discontinuous cash dividends, based on the systematic analysis of the enterprise growth cycle, the industry in which the enterprise is located, the needs of investors and the influence of controlling shareholders on the enterprise''s cash dividend distribution decision, this paper studies multiple major shareholders and cash dividends in the same framework, theoretically analyzes and empirically tests that multiple major shareholders affect the distribution of cash dividends by affecting the first type of agency problem and the second type of agency problem. Based on the perspective of whether the company has multiple major shareholders and the relationship between multiple major shareholders acting in concert, this paper takes the listed companies in Shanghai and Shenzhen stock markets from 2008 to 2017 as a sample, and uses stata15.0 to conduct fixed effect regression to empirically test the impact of multiple major shareholders on the company''s cash dividend distribution decision. The empirical results show that there is a significant positive correlation between multiple major shareholders and cash dividends, that is, enterprises with multiple major shareholders are more inclined to pay cash dividends. Considering the possible measurement errors of independent variables and dependent variables, as well as the impact of endogenous problems such as two-way causality and missing variables between cash dividends and multiple major shareholders, the possible endogenous problems are reduced by changing the measurement methods of independent variables and dependent variables, using propensity score matching method, Heckman two-stage model and DID. The empirical results are still valid. Further considering the heterogeneity factors such as the company''s legal environment, the company''s holding reality, the nature of the company''s ownership and the level of senior executives'' shareholding, it is found that when the external environment of the enterprise is a fast marketization process or a good legal environment, there is a significant positive correlation between multiple major shareholders and cash dividends, that is, multiple major shareholders will promote the distribution of cash dividends; In relative holding enterprises, decentralized enterprises, private holding enterprises and enterprises with high executive shareholding level, multiple major shareholders also have a significant positive correlation with cash dividends, which can also promote enterprises to distribute cash dividends. The research of this paper not only enriches the research on the influencing factors of cash dividends, but also enriches the research on the decision-making mechanism of shareholders, and provides inspiration for enterprises to improve the relationship between enterprises and investors from the perspective of ownership structure.