管制政策与现金红利的粘性研究——来自我国上市公司的经验证据

发布时间：2018-07-12 09:40

本文选题：现金红利 + 粘性问题　；参考：《证券市场导报》2017年02期

【摘要】：现金红利是以现金向股东支付的股利。本文选取2003~2015年上市公司样本,实证发现:现金红利的边际增加量在业绩上升时大于其在业绩下降时减少的幅度,中国上市公司现金红利存在显著的粘性特征。进一步研究发现:2008年分红标准提高管制政策前:国有控股的公司存在现金红利粘性但仅在10%的水平上显著;非国有控股的公司其现金红利不存在粘性。2008年分红标准提高管制政策后,国有及非国有控股的公司其现金红利均存在显著的粘性特征,且国有控股的公司现金红利粘性高于非国有控股的公司。本文不同于过去现金红利平滑性问题的研究,重点探究现金红利在公司净利润增减变化时的不对称变化问题,即粘性特征。本研究的贡献在于发现2008年分红标准提高管制政策是促使中国上市公司现金红利存在显著粘性特征的主要原因。
[Abstract]:Cash dividends are dividends paid to shareholders in cash. This paper selects the sample of listed companies from 2003 to 2015 and finds that the marginal increase of cash dividend is larger than the decrease in performance when the performance rises and the cash dividend of listed companies in China has obvious stickiness. Further study shows that before the regulation policy was raised in 2008, the cash dividend of the state-owned holding company was sticky but only 10% significant; There is no stickiness in the cash dividend of the non-state-owned holding company. After the regulation policy was raised in 2008, the cash dividend of the state-owned company and the non-state-owned holding company have obvious stickiness characteristics. Moreover, the viscosity of cash dividend of state-controlled company is higher than that of non-state-holding company. This paper is different from the previous studies on the smoothness of cash dividend, focusing on the asymmetric change of cash dividend in the increase or decrease of the company's net profit, that is, the characteristics of viscosity. The contribution of this study is to find that the policy of increasing the standard of dividend in 2008 is the main reason for the significant stickiness of cash dividend of listed companies in China.
【作者单位】：武汉大学经济与管理学院;
【分类号】：F275

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