The Effect of Split-share Structure Reform on Cash Dividend Behavior of Listed Companies in China:Based on Difference-in-Differences Method

摘要：

　　Studies on Chinese listed companies before the Split-share Structure Reform have shown that ownership concentration is positively related to cash dividend,which is different from studies about that of Britain and the U.S.,and seems against Agency Cost Theory of cash dividend policy.Some argue the specificity between cash dividend behavior and ownership structure is due to split share structure.To examine this argument,the paper uses the data of A-share non-financial listed companies to analyze the influences of Split-share Structure Reform on cash dividend behavior of the listed companies under the framework of Heckit model and two-part model by adopting the difference-in-differences method.Results show the reform reduces the propensity of cash dividend,but doesnt negatively influence the positive relationship between ownership concentration and cash dividend,which means the split-share structure does influence the cash dividend,but not the main reason causing the specificity between cash dividend behavior and ownership concentration.

关键词： cash dividend Split-share Structure Reform Difference-in-Differences method

作者: LIU Yan WANG Hui CHEN Tao ZHANG Rongxia

作者单位: Graduate School,Chinese Academy of Social Sciences,Beijing,China,102488 School of Economics & Management,Beijing Information Science & Technology University,Beijing,China,1

会议类型: 国际会议

会议名称: the 5th (2013)International Conference on Financial Risk and Corporate Finance Management(第五届(2013)金融风险与公司金融国际研讨会)

会议地点: 大连

会议语种:英文

页码: 675-679

在线出版日期: 2013-06-29（万方平台首次上网日期，不代表论文的发表时间）