【摘要】 本文以我国沪深A股上市公司为研究对象,研究现金股利对不同股权集中度公司资本结构调整的影响。研究发现,公司采取发放现金股利政策对股权集中度较高的公司有利,现金股利发放越多,公司朝目标资本结构调整速度便越快。现金股利发放能提高股权集中度较低公司资本结构向下调整速度,但对股权集中度较低公司资本结构向上调整作用不明显。本文不仅进一步研究控股股东行为特征,同时也为现金股利政策与资本结构调整动态互补提供实际依据。更多还原

【Abstract】 This paper uses the panel data from 2005 to 2016 of Shanghai and Shenzhen A shares listed companies to study the influence of cash dividend distribution on the speed of capital structure adjustment of companies with different equity concentrations. Empirical research shows that cash dividend payment is positively related to the speed of capital structure adjustment in a company with a high degree of ownership concentration. The cash dividend can improve the downward adjustment speed of the capital structure of the low concentration company, and it is not obvious that the capital structure of the company with lower ownership concentration is adjusted upward. This article not only further studies the behavior characteristics of controlling shareholders, but also provides a practical basis for the dynamic complementarity between cash dividend policy and capital structure adjustment.更多还原