CAJ | 학술논문

以中国沪深两市A股上市公司为研究样本，用现金股利支付意愿和现金股利支付水平衡量上市公司的现金股利政策，用市场化程度、政府干预程度、金融发展水平和法律保护水平反映外部治理环境，构建Logistic模型实证检验了中国外部治理环境与上市公司的现金股利政策的关系。研究发现：中国的外部治理环境越好，上市公司的现金股利支付意愿越强、支付水平越高；外部治理环境可以明显影响中国上市公司的现金股利政策。
이중국호심량시A고상시공사위연구양본，용현금고리지부의원화현금고리지부수평형량상시공사적현금고리정책，용시장화정도、정부간예정도、금융발전수평화법률보호수평반영외부치리배경，구건Logistic모형실증검험료중국외부치리배경여상시공사적현금고리정책적관계。연구발현：중국적외부치리배경월호，상시공사적현금고리지부의원월강、지부수평월고；외부치리배경가이명현영향중국상시공사적현금고리정책。
Applying the data of A‐share companies listed in Shanghai and Shenzhen Exchange from 2003 to 2012 ,this paper uses cash dividend willingness and cash dividend payment level to represent cash dividend policy ,and uses marketization degree ,government intervention degree ,fi‐nance development level and law protection level to represent external governance environment.And it tests empirically the relationship between external governance environment and cash dividend policy of listed companies by using the Logistic model.The result shows as follows :the bet‐ter external governance environment ,the stronger cash dividend payment willingness of listed companies ,the higher cash dividend payment lev‐el ;external governance environment impacts the cash dividend policy of listed companies significantly .