吕长江和王克敏（1999）认为国有股及法人股控股比例越大，内部人控制程度就越强，股利支付水平就越低。
Lv Changjiang and Wang Kemin considered that the state-owned stock and the legal person stock holding proportion is bigger , the insider controls the degree to be stronger , the dividend payment level is lower .
王克敏