CAJ | 학술논문

基于风险投资参与视角,探讨风险投资参与及其特征对创业板上市公司现金股利政策的影响。研究发现：前10大股东中含风险投资的上市公司分配现金股利的概率较低,表明风险投资并不热衷现金股利分配;风投持股比例越高,现金股利支付水平越低,说明风投在一定程度上抑制了＂高派现＂现象;与风投持有非流通股的上市公司相比,风投持有流通股的上市公司分配的现金股利水平较低;与风投为非联合投资的上市公司相比,联合风投的上市公司所分配的现金股利水平较低。
기우풍험투자삼여시각,탐토풍험투자삼여급기특정대창업판상시공사현금고리정책적영향。연구발현：전10대고동중함풍험투자적상시공사분배현금고리적개솔교저,표명풍험투자병불열충현금고리분배;풍투지고비례월고,현금고리지부수평월저,설명풍투재일정정도상억제료＂고파현＂현상;여풍투지유비류통고적상시공사상비,풍투지유류통고적상시공사분배적현금고이수평교저;여풍투위비연합투자적상시공사상비,연합풍투적상시공사소분배적현금고이수평교저。
Based on the perspective of Venture Capital participation, this paper studies the effect of Venture Capital and its characteristics on the cash dividend policy of ChiNext listed companies. The empiri- cal result shows that probability of cash dividend distribution of companies which contains Venture Capital in the top 10 shareholders is lower. That is to say, Venture Capital is not keen on cash dividends. This paper also finds that Venture Capital holdings have negative effect on the level of cash dividend distribution. To a certain extent, Venture Capital inhibits the phenomenon of high＂ cash dividends of listed companies. In addi- tion, it finds that companies backed by tradable shares of Venture Capital have lower cash dividends than those backed by non - tradable shares. And compared with the companies financed by sole Venture Capital, the joint venture of companies assigns a lower cash dividends.