生命周期视角下的现金股利分配决策研究——来自沪深A股上市公司的数据被引量：11

The Empirical Research of Cash Dividends Policy on the Perspective of Life Cycle from the Data of Shanghai and Shenzhen A-share Listed Companies

下载PDF

导出

摘要本文以沪深证券市场2006-2011年A股上市公司为研究样本，从现金股利支付倾向和现金股利支付水平两个方面，运用Probit模型和最小二乘估计法考察了我国上市公司现金股利分配决策是否具有生命周期特性。研究结果表明：从现金股利支付倾向看，我国上市公司是否支付现金股利呈现生命周期特征，上年度的盈利水平是公司是否支付现金股利和支付多少现金股利的重要影响因素；从现金股利支付水平看，我国上市公司的股利发放率是否具有生命周期特征受行业因素影响，信息技术业具有生命周期特性，交通运输仓储业、采掘业和建筑业存在逆生命周期现象，其他行业则不具有生命周期特征。 Taken Shanghai and Shenzhen A-share listed companies from 2006-2011 as a sample, the paper investigates whether China＇s listed companies＇ cash dividend policy has the life-cycle characteristic. The research develops from two respects the probability of paying cash dividends and the cash dividends payout ratio. For the first perspective, the results show that cash dividends policy has its life-cycle characteristic, and the profitability in last year is an important factor affecting the probability of paying cash dividend. For the second perspective, the results suggest that the information technology industry has the life-cycle characteristic, while the industries of transportation, mining and construction have reverse life-cycle phenomena, and other industries have no life-cycle feature.

作者霍晓萍

机构地区桂林理工大学管理学院

出处《证券市场导报》 CSSCI 北大核心 2014年第4期36-41,52,共7页 Securities Market Herald

基金国家社会科学基金项目"资本成本约束可持续分红与国有企业价值创造"(编号:11BGL026)

关键词现金股利生命周期上市公司现金股利生命周期上市公司 cash dividends, life cycle, listed companies

分类号 F270 [经济管理—企业管理]

引文网络
相关文献

参考文献26

1Anthony, J., K. Ramesh. Association between Accounting Performance Measures and Stock Prices[J]. Journal of Accounting and Economics, 1992, 15(2-3): 203-227.
2Baker, H.K., Powell, G.E.. Determinants of corporate dividend policy: A survey ofNYSE firms[J]. Financial Practice and Education, 2000, (10): 29-40.
3DeAngelo, H., DeAngelo, L., Stulz, R.. Dividend Policy and the Earned/Contributed Capital Mix: a Test of the Life-cycle Theory[J]. Journal of Financial Economics, 2006, (81): 227-254.
4Dhrymes, P.J., M. Kttrz. Investment, Dividend and External Finance Behavior of Firms, Determinants Of Investment Behavior[M]. NBER, 1967.
5Dickinson, Victoria. Cash Flow Patterns as a Proxy for Firm Life Cycle[J]. The Accounting Review, 2011, 86(6): 1969-1994.
6Fama, E., French, K.R.. Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?[J]. Journal of Financial Economies, 2001, (60): 3-43.
7Grullon, E., Michaely, R., Swaminathan, B.. Are Dividend Changes a Sign of Firm Maturity[J]. Journal of Business, 2002, (75): 387-424.
8Grullon G., Michaely, R.. Corporate payout policy and product market competition[R]. Working Paper, Rice University and Cornell University and IDC, 2008.
9Higgins, R.C.. Dividend Policy and Increasing Discount Rates: A Clarification[J]. Journal of Financial and Quantitative Analysis, 1972, (7): 1757-1762.
10Ho, S., and Wong, K.. A study of rehtionship between corporate governance structure and the extent of voluntary disclosure[J]. Journal of International Accounting, Auditing & Taxation, 2001, (10): 139-156.