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【正文】 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, government regulation may substitute the top management holdings in reducing the corporate agency cost.Keywords: Top Management Holdings, Dividend Policy, Government Regulation, Agency Cost6 /
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