CAJ | 학술논문

股利政策对于公司的长远发展存在着重要的影响，但“股利之谜”一直困扰着公司治理领域。股权结构对于现金股利支付率存在着内在的相关性。基于沪深证券交易所的样本数据，借助于多元回归分析方法，实证性的研究发现，第一大股东持股比例、董事会持股比例、股权集中度对于现金股利支付率的提升存在着促进作用，经理层持股比例的功能正好相反，而股权制衡度与现金股利支付率不存在相关性。本检验结论为上市公司优化股权结构并完善股利分配政策提供了现实性的理论借鉴。
고리정책대우공사적장원발전존재착중요적영향，단“고리지미”일직곤우착공사치리영역。고권결구대우현금고리지부솔존재착내재적상관성。기우호심증권교역소적양본수거，차조우다원회귀분석방법，실증성적연구발현，제일대고동지고비례、동사회지고비례、고권집중도대우현금고리지부솔적제승존재착촉진작용，경리층지고비례적공능정호상반，이고권제형도여현금고리지부솔불존재상관성。본검험결론위상시공사우화고권결구병완선고리분배정책제공료현실성적이론차감。
The dividend policy has a significant impact on the company's long-term development,but the “divi-dend puzzle”has plagued the corporate governance fields.There is an intrinsic correlation between shareholding structure and cash dividend payout ratio.Based on the sample data of Shanghai and Shenzhen stock exchanges and multivariate regression analysis,empirical studies have shown that the largest shareholder ratio,the Board share-holding ratio,ownership concentration may raise the cash dividend payout ratio,the function of managers share-holding proportion is just the opposite,and there is no correlation between equity balance and cash dividend payout ratio.The inspection conclusion provides a realistic theory of reference for listed companies to optimize shareholding and improve dividend distribution policy.