| 控股股东、股权制衡与公司股利政策选择 |
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| 引用本文： | 朱德胜.控股股东、股权制衡与公司股利政策选择[J].山东大学学报(哲学社会科学版),2010(3). |
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| 作者姓名： | 朱德胜 |
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| 作者单位： | 山东财政学院,济南,250014 |
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| 基金项目： | 本文受山东财政学院博士科研启动研究计划，山东省科学技术发展计划资金资助 |
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| 摘 要： | 采用我国沪深900家上市公司2003-2006年的财务及相关数据,研究了控股股东、股权制衡与公司股利政策之间的关系.研究结果表明:控股股东持股比例和控制类型不同的公司具有不同的股利政策偏好;公司存在制衡股东时,控股股东的机会主义行为受到一定的约束,股权制衡可以替代股利的派发作为降低公司代理成本的手段.
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| 关 键 词： | 股权结构 控股股东 股权制衡 股利政策 |
Controlling Shareholders,Ownership Control and Dividend Policy |
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| ZHU De-sheng.Controlling Shareholders,Ownership Control and Dividend Policy[J].Journal of Shandong University(Philosophy and Social Sciences),2010(3). |
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| Authors: | ZHU De-sheng |
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| Institution: | ZHU De-sheng (School of Accounting,Sh,ong University of Finance,Jinan 250014,P.R.China) |
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| Abstract: | Using the financial and other relevant data from 2003 to 2006 for 900 listed companies in both Shenzhen Stock Exchange and Shanghai Stock Exchange,this paper investigates the relationship between ownership control and dividend policy. Our study comes to the following conclusions. First,companies with different proportions of controlling shareholders and different control categories differ significantly in dividend preference. Second,opportunistic behaviors of the controlling shareholder will be more or less... |
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| Keywords: | ownership structure controlling shareholder check-and-balance dividend policy |
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