浅析公司治理对现金股利影响

影响现金股利支付水平的因素很多，有内部的因素也有外部的因素。股利政策作为公司的一项重大财务决策是在一定的公司治理机制的作用下形成的，影响公司现金股利支付水平的主要因素是公司治理。而公司治理结构是一个系统机制，是所有反映公司治理结构变量指标的系统综合作用的结果。通过分析决定公司治理状况的变量以及从股权结构、董事会特征和财务透明度等方面来具体阐述公司治理对现金股利政策的影响。

An Analysis of the Influence of Corporate Governance on Cash Dividend

Many factors have influence on the cash dividend, both external ones and internal ones. The dividend policy, one important financial decision in a company, is made under certain governance mechanism. The corporate governance level therefore determines the company＇s cash dividend policy. The corporate governance level therefore determines the company＇s cash dividend policy. Meanwhile, the corporate governance structure is a systematic mechanism, which interprets the synthetic function from its variable index. The paper analyzes the decisive factors of the corporate governance, the ownership strcture, board characteristics and financial transparency, and analyzes its influence on cash dividend.