学校代码：10564学号：20193124010
分类号：F830密级：
股权结构对现金股利支付水平影响的实证
研究——基于中国制造业上市公司的数据
任健行
第一指导教师：朱全涛教授
第二指导教师：
学院名称：经济管理学院
专业学位类别：金融
领域：
答辩委员会主席：孙坚强教授
中国·广州
2021年6月
摘要
上市公司非流通股权高度集中的股权结构经过七年的股权分置改革,逐步形
成更流通、分散、多元的结构现状。在新的股权结构下，股东之间的关系如何
影响现金股利的支付水平，是股改后一个新的话题。
长时间以来，我国资本市场分红少，犹如一只“铁公鸡”的现象极为普遍，
而公司财务造假和高额股利等侵害广大投资者利益的事情又屡见不鲜。因此，
优化公司股权结构和调节股利支付方案对于公司的发展和投资者利益保护尤为
重要。本文以主板制造业公司在2012-2019年八年的年度数据来研究股权结构
对现金股利支付水平的影响，并从产权性质和政治关联两个视角分析这几种企
业性质对股权结构与股利支付水平关系的调节。
本文研究发现：①股权在前三大股东手中集中的越高，股利支付的水平就
越高。这表明，虽然股票上涨会带动大股东资产的增值，但大股东股权难以在
二级市场中变现，因此通过高额股利分红可以满足其获利的需求；②当股权制
衡度越高，股利发放水平显著下降。这表明其他股东认为企业需要拥有充足的
现金流，从而增加创新、研发投入和扩大生产规模，推动公司股价上涨，促进
企业成长。且其股权易变现，在帮助股价拉升过程中，可卖出赚取差价；③基
金持股比例越高，股利支付水平就越低。表明具有专业投资水平的基金机构不
希望企业派发高额股利，而是将资金留存用于经营，提升公司价值，从而提升
业绩预期。
在以上股权结构对现金股利支付水平影响的研究基础上，本文进一步从产
权性质和政治关联度的视角对其进行研究。通过产权性质研究，发现了部分差
异：①在国企样本中，股权集中度与股利支付水平不显著相关，与总样本不一
致。这一结果可能是因为长期以来，国企很少上缴利润，因而股利派现较少，
且不受股权集中度的显著影响；②在非国企样本中，股权制衡度与股利支付水
平的关系不显著，与总样本不一致。该结果可能是因为非国企为私人控股，控
股股东偏好股利获取收益，并不很在乎中小股东的意见，因此制衡度对股利支
付水平的影响不显著；③在国企样本中，基金持股比例与股利支付水平不显著
相关，与总样本不一致。这可能是因为，基金机构股东对国企的影响力不足，
与中小股东类似，控股股东并不是很在乎它们的意见。
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通过政治关联研究，也发现了部分差异:在非政治关联企业中，股权制衡度
与股利支付水平的关系不显著，与总样本不一致。该结果可能是因为无政治背
景的公司高管也不很在乎中小股东的意见，因此制衡度对股利支付水平的影响
不显著。在政治关联企业中，基金持股比例与股利支付水平的关系不显著，与
总样本不一致。其原因可能与国企一致，有政治背景的高管不是很在乎基金机
构的意愿，对股利支付的方案有其它规划安排。
最后，本文建议，若是监管者倾向提高公司股利派现水平，应注重提高大
股东的股权集中度；若是倾向降低公司股利派现水平，监管者则应降低大股东
持股比例,提高其他前十大股东或基金机构的持股比重；若投资者偏向于高股利
回报，可以关注大股东持股较高的非国有上市公司；而注重企业高成长的这类
价值投资者，则可以关注其他大股东持股相对较高国企或有政治关联的企业。
关键词：制造业上市公司；股权结构；现金股利；产权性质
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An empirical study on the impact of ownership structure on cash
dividend payout --based on the data of listed companies in
China's manufacturing industry
Ren Jianxing
（College of Economics and Management,South China Agricultural University,
Guangzhou,510642,China）
Abstract:The reform of non-tradable shares started in 2005continued until the end
of 2011.The non-tradable shares of listed companies were highly concentrated in the
top few major shareholders.After seven years of privatization reform,the equity
structure has gradually formed a more tradable,dispersed and diversified structure.
Under the new shareholding structure,how the relationship between shareholders
affects the payment level of cash dividends is a new topic after the shareholding
reform.
For a long time,our country capital market share out bonus is little,be like a "iron
cock"the phenomenon is very common.Zhu Qing (2014)However,corporate
financial fraud,related transactions,high dividends and other things that infringe on
the interests of investors are common.Therefore,according to the market
development,it is particularly important to optimize the company's ownership
structure and adjust the dividend payment scheme for the development of the
company and the protection of investors'interests.Based on the annual data of
mainboard manufacturing companies from 2012to 2019,this paper studies the
influence of ownership structure on the level of cash dividend payment,and analyzes
the adjustment of the relationship between ownership structure and dividend payment
from the perspectives of property right nature and political association.
The results of this study are as follows:(1)The higher the concentration of equity in
the hands of the top three shareholders,the higher the level of dividend payment.This
shows that although the rise of the stock will drive the appreciation of the assets of the
major shareholders,it is difficult for the major shareholders to realize their equity in
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the secondary market,so they can meet their demand for profits through high
dividends.(2)The higher the degree of equity checks and balances,the lower the
level of dividend payment.This indicates that small and medium shareholders believe
that enterprises need to have sufficient cash flow,so as to increase investment in
innovation,research and development and expand production scale,thus driving up
the stock price of the company and promoting the growth of the company.And the
equity of small and medium-sized shareholders is easy to realize,and they can earn
the price difference in the process of helping the stock price rise.(3)The higher the
fund shareholding ratio,the lower the dividend payment level.It shows that the fund
institutions with professional investment level do not want the enterprise to pay high
dividends,but to retain the capital for operation,improve the value of the company,
and thus improve the performance expectation.
On the basis of the above research on the influence of ownership structure on
cash dividend payment level,this paper further studies it from the perspective of
property right nature and political correlation degree.Through the research of
property right nature,we find that:(1)In the sample of state-owned enterprises,the
equity balance degree is negatively correlated with cash dividends.The results show
that when other shareholders of state-owned enterprises hold more shares,the
dividend payment will decrease.There is no significant relationship between
ownership concentration,fund shareholding ratio and dividend payment level.This
result may be that state-owned enterprises have political intention or hidden
expenditure in capital planning,pay less dividends,and have no significant influence
on the level of capital used for dividend payment by major shareholders and fund
shareholders.(2)In the sample of non-state-owned enterprises,equity
overconcentration is significantly positive with cash dividend payment level,fund
shareholding ratio is significantly negative with cash dividend payment level,and
equity balance is not significantly correlated with dividend payment level.This result
may be because the shareholding of the top three shareholders and fund shareholders
in non-state-owned enterprises can significantly affect the dividend level,while the
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