CAJ | 학술논문

以2007-2010年间沪深A股的568家公司的2383个减持事件为样本,实证检验现金股利分配倾向、公司业绩与大股东减持规模间的关系.研究发现：相较之不分配现金股利的公司,分配现金股利的公司中大股东减持规模更小;而较之业绩较差的公司,业绩良好的公司中大股东减持规模也更小;进一步,现金股利分配倾向与大股东减持的关系会依赖于公司业绩,在分配与不分配现金股利的公司中,随着公司业绩的提升,大股东减持行为的变化会明显不同.
이2007-2010년간호심A고적568가공사적2383개감지사건위양본,실증검험현금고리분배경향、공사업적여대고동감지규모간적관계.연구발현：상교지불분배현금고리적공사,분배현금고리적공사중대고동감지규모경소;이교지업적교차적공사,업적량호적공사중대고동감지규모야경소;진일보,현금고리분배경향여대고동감지적관계회의뢰우공사업적,재분배여불분배현금고리적공사중,수착공사업적적제승,대고동감지행위적변화회명현불동.
Using the 2383 reduction events sample of 568 Shenzhen and Shanghai A-share listed compa- nies between 2007 and 2010, this paper empirically analyzes relationship between propensity to pay cash dividends, firm performance and reduction of large non-tradable share. The results indicate that shareholders of companies with cash dividend distribution have reduced their shares even lower when compared with com- panies without cash dividend distribution, and shareholders of companies with good performance have re- duced their shares even lower when compared with companies with poor performance. Furthermore, the re- lationship between propensity to pay cash dividends and reduction of large non-tradable share depends on performance. For companies with and without cash dividend distribution, the change of large non-tradable share will be markedly different with the ascension of companies＇ performance.