企业生命周期理论与上市公司现金股利分配实证研究

被引:25
作者
宋福铁
梁新颖
机构
[1] 华东理工大学商学院
关键词
生命周期; 股利政策; Logit模型; Tobit模型;
D O I
10.16538/j.cnki.jfe.2010.09.006
中图分类号
F275 [企业财务管理];
学科分类号
摘要
文章立足企业生命周期理论,实证检验了上市公司的现金股利分配政策。用留存收益股权比RE/TE作为企业生命周期的代理变量,以沪市A股上市公司为样本,选取2000-2008年间的年度数据,运用Logit模型和Tobit模型分别考察RE/TE和一些控制变量对上市公司是否支付现金股利以及股利发放率的影响。研究发现,我国上市公司是否支付现金股利呈现生命周期特征,而现金股利发放率则不具有生命周期特征;是否发放现金股利具有很强的连贯性,但股利发放率的连贯性不强。建议证监会要求公司结合所处行业和企业生命周期制订中长期的现金股利分配政策,加强对投资者的稳定分红回报。
引用
收藏
页码:123 / 133
页数:11
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