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《Journal of Chongqing University of Technology(Social Science)》 2011-01
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Sustainable Growth and Cash Dividends in State-owned Enterprises——from a perspective based on external environment and political relations

YANG Han-ming1,FU Bo1,ZHAO Ye-hu1,LI Xiang2(1.School of Accounting,Zhongnan University of Economics and Law,Wuhan,China;2.No.2 Tax Inspection Bureau,Wuhan State Administration of Taxation,Wuhan,China)  
With the listed state-owned companies in 2006-2007 as the sample and investment opportunities as the research path,this paper explores the relationship between the sustainable growth and the cash dividend of state-owned enterprises based on different external governance environment and whether a company has a political relationship.Empirical study results show that: overall,a negative relationship exists between the sustainable growth and the cash bonus;and the political relationship does not affect the sensitivity of them;but the external governance environment has influences on the relations,and only in the good environment,the negative correlation would appear.In the meantime,the reunification of the sub-samples indicates that,when companies are in poor governance areas and have no political ties,sustainable growth and cash bonus of state-owned enterprises is uncorrelated,while there is substitution effect between political relations and poor external governance environment..
【Fund】: 教育部人文社科一般项目“基于可持续增长的国有企业分红机制创新研究”(09YJA631054)的阶段性研究成果
【CateGory Index】: F275
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