以2004—2007年超过4500家上市公司为研究样本,基于终极产权的视角剖析了终极控制人及其控制权结构对股利政策的影响。实证结果表明,终极产权性质及其对应的控制权结构是目前影响我国上市公司股利政策制定的主要因素,尤其是终极控制人的投票权和现金流量权比例,对股利支付的可能性和水平均有显著正向影响。
Differing from the exiting literature,this paper takes more than 4500 listed companies in China between 2004 and 2007 as samples to explore the ultimate owners and control structures' effect on dividend policy.The empirical results show that the ultimate ownership and its control structures are main determinants of dividend policy,especially ownership and cash flow rights,which have positive significant impact on dividend policy of Chinese listed companies.