摘要
本文基于股权分置改革的制度背景,通过建立Probit及Tobit模型,考察了股权分置制度变迁和管理层股权激励对公司现金股利的影响。研究结果表明,股权分置改革显著提高了上市公司现金股利的分配倾向和分配力度。进一步研究发现,股权分置改革一方面缓解了无股权激励公司中的股利分配不足,另一方面矫正了股权激励公司中的高股利分配。上述研究发现,对于研究国有公司股权激励效应具有重要意义,也为从制度层面研究股利分配提供了一个有益视角。
Based on the institutional background of split-share structure reform,this paper analyzes the impacts of institutional change in split-share structure and managerial stock incentives on corporate cash dividends by establishing Probit and Tobit models.The results show that the split-share structure reform significantly strengthens the preference of listed companies for cash dividends.Furthermore,it finds that the split-share structure reform not only solves the problem of insufficient dividend payout in companies without stock incentives,but also the one of high dividend payout in companies with stock incentives.These conclusions provide great significance for the study of stock incentive effects in state-owned listed companies and an institutional angle for the study of dividend payout.
出处
《上海财经大学学报（哲学社会科学版）》
CSSCI
北大核心
2012年第2期48-55,89,共9页
Journal of Shanghai University of Finance and Economics
基金
上海财经大学研究生科研创新基金项目"股权分置
股权激励和公司绩效"(CXJJ-2011-335)
关键词
制度变迁
股权分置改革
股权激励
现金股利
institutional change
split-share structure reform
stock incentive
cash dividend
