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| 1 | Family control,institutional environment and cash dividend policy:Evidence from China显示文摘Using a sample of 1486 Chinese A-share listed companies for the period 2004-2008,this study empirically tests the impact of family control,institutional environment and their interaction on the cash dividend policy of listed companies.Our results indicate that(1)family firms have a lower cash dividend payout ratio and propensity to pay dividends than non-family firms;(2) a favorable regional institutional environment has a significant positive impact on the cash dividend payout ratio and propensity to pay dividends of listed companies;and(3) the impact of the regional institutional environment on cash dividends is stronger in family firms than in non-family firms.Somewhat surprisingly,we find that controlling family shareholders in China may intensify Agency Problem Ⅰ(the owner-manager conflict) rather than Agency Problem Ⅱ(the controlling shareholder-minority shareholder conflict),and thus have a significant negative impact on cash dividend policy.In contrast,a favorable regional institutional environment plays a positive corporate governance role in mitigating Agency Problem 1 and encouraging family firms to pay cash dividends. | Zhihua Wei Shinong Wu Changqing Li Wei Chen | 2011 | China Journal of Accounting Research2011，，Z1： | 15 |
| 2 | 外部治理环境、控股股东股权质押与现金股利政策显示文摘本文以2007~2014年间在中国沪深两市A股上市且发生控股股东股权质押的企业为样本,在对企业实际情况进行分析研究以后发现,企业控股股东如果出现股权质押行为,企业派发现金股利的动机将减弱,股利水平将降低,这就增加了控股股东为获私利侵害中小股东利益的可能性,从而使得控股股东和中小股东之间的代理冲突更为突出。倘若企业派发现金股利的动机减弱,企业就将留存更多剩余现金,这就为控股股东获取私利、取得企业控制权提供了便利,进而对中小股东利益造成侵害。笔者还发现,当企业拥有良好的外部治理环境时,企业现金股利派发意愿将增加,股利派发水平将上升,进而使得企业投资者得到更多的现金,有助于降低其投资风险,更好地保护企业投资者利益。同时,当企业拥有更好的外部治理环境时,企业控股股东股权质押对企业现金股利派发政策的不利影响将大大减弱。 | 彭文静 | 2016 | 财会月刊(中)2016，0，5： | 11 |
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