摘要
股利政策是公司在股利支付和内部留存收益两者间的分配选择,是我国上市公司主要的分配政策,也是投资者获得回报的重要途径。传统上,对公司的股利政策研究可以从股利信号理论和公司治理结构两个角度入手,而考虑到资本市场上信息不对称等非效率因素的存在,本文在股利相关理论的基础上对我国上市公司治理结构和股利政策进行分析研究,并具体研究公司董事会特征和股权集中度对股利政策选择的影响,试图找到合理的途径较好地解释我国现行股票市场上的股利政策。
As an important distribution policy and channel for investors to get returns, share dividend policy is a trade-off between company reserve and dividends to stock holders. Traditionally, study on dividend policy mainly concentrates on the aspects of dividend signal and corporate governance. Taking into account of the inefficient factors such as asymmetric information, this paper studies the corporate governance structure and dividend policy, based on dividend-related theories, and focuses on analyzing the effects of board structure and share concentration degree on dividend policy with a view to finding out a reasonable way to explain the current China practice of dividend policy.
出处
《南方金融》
北大核心
2009年第5期50-52,58,共4页
South China Finance
关键词
股利政策
治理结构
股权集中度
Share Dividend Policy
Corporate Governance
Share Concentration Degree
