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首页> 外文会议>International conference on financial risk and corporate finance management >The Effect of Split-share Structure Reform on Cash Dividend Behavior of Listed Companies in China:Based on Difference-in-Differences Method
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The Effect of Split-share Structure Reform on Cash Dividend Behavior of Listed Companies in China:Based on Difference-in-Differences Method

机译：分股结构改革对中国上市公司现金股息行为的影响：基于差异差异方法

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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 doesn't 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.
机译：在分歧份额结构改革之前，中国上市公司的研究表明，所有权集中与现金股息正相关，与英国和美国的研究不同，似乎是关于现金股息政策的代理成本理论。有些争论现金股息行为和所有权结构之间的特殊性是由于拆分份额结构。要检查这一论点，本文采用了A股非金融上市公司的数据分析了分歧结构改革对现金股息行为的影响在Heckit模型框架下的上市公司通过采用差异差异化方法。结果表明，改革降低了现金股息的倾向，但不会对所有权集中和现金股息之间的积极关系产生负面影响，这意味着分歧结构确实影响了现金股息，但不是导致特殊性之间的主要原因现金股息行为和所有权集中。

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