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| 控股股东经济性质对现金股利政策的影响
摘 要
现金股利政策是一项重要的财务政策，它的实施结果不仅会影响到公司的长远发展，而且关系到千千万万股东的切身利益。现金股利政策的研究重点主要包括是否发放现金股利和最终发放多少现金股利两个方面。影响上市公司现金股利政策的因素有很多，其中很重要的一点就是控股股东的经济性质。以控股股东经济性质为标准，上市公司可以分成很多类型，本文主要将其划分为国有控股上市公司和非国有控股上市公司。控股股东的经济性质对上市公司的现金股利政策会产生什么影响，这是本文展开研究的重点和目的。
本文通过WIND万得数据库获取2015年-2019年所有A股上市公司关于现金股利政策的基本数据，通过EXCEL软件的筛选和统计功能对数据进行初步处理，以探讨我国上市公司控股股东的经济性质和现金股利政策的基本现状，从而对研究课题有一个初步了解。其次，本文将研究课题分为两个要点，第一点是控股股东经济性质对上市公司是否选择发放现金股利的影响，其二是控股股东经济性质对上市公司分配多少现金股利的影响，由此，对这两个要点设计了两个模型，分别是Logistic回归模型和多元线性回归模型，并通过Stata.15软件对数据进行描述性分析和回归分析，从而得出结论。
实证结果表明，控股股东的经济性质对上市公司股利分配的倾向和力度确实会产生显著影响，且相较于非国有控股的上市公司，国有控股企业现金股利的发放意愿和分配力度均更弱。因此，结合我国控股股东经济性质和现金股利政策的现状，本文将从法律法规、股利政策、信息披露、股东权益等角度提出相关建议，从而不断规范控股股东、上市公司、证券市场三者的行为，实现公司的长远发展以及对投资者利益的保护。
关键词：控股股东；经济性质；现金股利政策
The Impact of Controlling Shareholder's Economic Nature on Cash Dividend Policy
Abstract
The cash dividend policy is an important financial policy.The results of its implementation will not only affect the company's long-termdevelopment, but also affect the vital interests of thousands of shareholders. The research focus of cash dividend policy mainly includes two aspects: whether to pay cash dividends and how much cash dividends will be eventually paid. There are many factors that affect the cash dividend policy of listed companies,and one of the most important ones is the economic nature of the controlling shareholder. Taking the economic nature of controlling shareholders as the standard, listed companies can be divided into many types. This article mainly divides them into state-controlled listed companies and non-state-controlled listed companies. What impact the economic nature of the controlling shareholder will have on the cash dividend policy of listed companies? This is the focus and purpose of this article.
This article uses WIND database to obtain basic data on cash dividend policies of all A-share listed companies from 2015 to 2019. The data is initially processed through the screening and statisticalfunctions of EXCEL software to explore the economic nature and economic nature of controlling shareholders of listed companies in my country. The basic status of the cash dividend policy,so as to have a preliminary understanding of the research topic. Secondly, this article divides the research topic into two main points.One is the influence of the controlling shareholder's economic nature on the cash dividend distribution tendency of listed companies,and the other is the influence of the controlling shareholder's economic nature on the cash dividend distribution of listed companies. Two key points Two models are designed,namely Logistic regression model and multiple linear regression model, and descriptive analysis and regression analysis are performed on the data through Stata.15 software to draw conclusions.
The research results show that the economic nature of controlling shareholders does have a significant impact on the tendency and intensity of dividend distribution of listed companies. Compared with non-state-controlled listed companies,state-controlled listed companies have lower distribution tendencies and intensity. Therefore, based on the economic nature of my country’s controlling shareholderand the current situation of the cash dividend policy,this article will make relevant recommendations fromthe perspectives of laws and regulations,information disclosure, supervision and internal governance, so as to continuously regulate the behavior of controlling shareholders, listed companies, and the securities market. To realize the long-term development of the company and the protection of the interests of investors.
Keywords：Controlling shareholder; Economic nature; Cash dividend policy
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