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本文采用回归分析的方法,针对2001-2014年间样本数据进行分析,得出结论:半强制分红政策、股权集中度与分红意愿与股利分配额度正相关,CEO持股比例对分红意愿是负向影响。说明分红政策越强,人们迫于融资的需求会适当分红,但是分配股利较低,表明企业不想分配股利。代理问题越严重,公司越不倾向于分红。
This paper uses regression analysis method to analyze the sample data from 2001 to 2014 and draws the conclusion that semi-mandatory dividend policy, ownership concentration and dividend willingness are positively correlated with the dividend distribution quota, and that the CEO shareholding ratio has a negative impact on the dividend payout . This shows that the stronger the dividend policy, the more people are forced to dividend due to the financing needs, but the lower the dividend distribution, indicating that the company does not want to dividends. The more serious the agency problem, the less likely the company is to pay dividends.