选取2009年10月至2012年12月期间的355家创业板上市公司为样本，采用二元 logistic 模型及多元回归模型研究私募持股对创业板上市公司股利政策的影响。研究结果表明：私募持股对创业板上市公司的现金股利政策存在显著影响，私募持股会提高创业板上市公司现金股利的支付倾向。进一步实证表明，私募持股对创业板上市公司现金股利支付水平也具有影响，上市公司私募持股占比越大，每股现金股利支付的越多。本文认为私募股权投资存在监督及激励效应，对改善持股公司的股利政策具有促进作用。%Based on the data from 355 listed companies on GEM during the period October 2009 to De-cember 2012,this paper provides an empirical analysis of the relationship between PE and companies’divi-dend policy among the GEM listed companies by introducing a logistic model and a multivariate linear re-gression model.The results suggest that the PE has significant impact on the cash dividend policy.The more the PE shareholding,the more the cash dividend payout.Simultaneously,the PE also works in cash dividend payout level,high shareholding ratio of PE will upgrade cash dividend standard.The conclusion is that PE shareholding can enhance supervision and incentive effects,and also improve listed companies’cash dividend policy.
展开▼
