Managerial Ownership,Cash Dividend and Enterprises Value --Analysis Based on A-shares Market
As one of the three major financial decision-makings in a modem company,dividend policy is always one of the focuses of finan cial scholars home and abroad. However,most of them depart from the target of Miller and Modiglianis study (1961).Based on the observation of all A-shares in China in 2005 and using simultaneous equation,this paper analyzes the relationship among managerial ownership,cash divi dends and enterprises value.We find that enterprises value is positively related to whether they pay dividends and there is no statistically signifi cant association between enterprises value and proportion of managerial ownership.Enterprises value is also not statistically significant associate with dividend per share,the payout ratio of cash dividend and proportion of managerial ownership.We also find no statistically significant associa tion among dividend policy,enterprises value and the proportion of the managerial ownership.
Enterprises vbalue Managerial ownership Cash dividend Dividend irrelevance
Yang Hanming
Accounting School of Zhongnan University of Economics and Law
国际会议
2008 Sino-Australia International Conference on Accounting and Finance(2008中澳会计与财务国际学术研讨会)
武汉
英文
345-365
2008-10-31（万方平台首次上网日期，不代表论文的发表时间）