高層管理者持股(存儲版)
【正文】 重要原因即是上市公司的收益質(zhì)量較差。政府管制不利于市場經(jīng)濟(jì)的發(fā)展以及企業(yè)間的競爭。參考文獻(xiàn)：.《股利決策新論》[M]，重慶：重慶大學(xué)出版社，1999. 《政府管制經(jīng)濟(jì)學(xué)導(dǎo)論》[M]，北京：商務(wù)印書館，2001. 《中國上市公司股利分配問題研究》[M]，大連：東北財(cái)經(jīng)大學(xué)出版社，2001，程瀅. 《我國公司紅利政策與股市波動》[J]，4：32－40. 《中國上市公司股利政策分析》[J]，3：3341, Claire and Robert Hansen, “A Test of the Agency Theory of Managerial Ownership, Corporate Leverage, and Corporate Dividends[J]”， Financial Management, winter 1989,PP:3646, Robert S., Raman Kumar, and Dilip K. Shome, “Dividend Policy and Corporate Monitoring: Evidence from the Regulated electric Utility Industry [J]”， Financial Management, spring 1994,PP: 1622 et al., “Dividend Policy Determinants: an Investigation of the Influences of Stakeholder Theory [J]”，F(xiàn)inancial Management, Autumn 1998, ., and , “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure [J]”, Journal of Financial Economics, 1976,PP: 305360, Mark S. “Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratios [J]”， The Journal of Financial Research, Fall 1982, PP: 249259Top Management Holdings, Government Regulation and Corporate Dividend PolicyAbstract: This paper divides China’s listed panies into regulated panies and unregulated panies in order to study the effect of top management holdings and government regulation on corporate dividend policy. The result reveals that the level of dividend payout is positively related to cash per share，corporate size，the number of mon stockholders and government regulation, and is negatively related to debtasset ratio, but there isn’t significant relationship between the top management holdings and corporate dividend policy. However, gover
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