基于企业生命周期理论的上市公司现金股利研究

发布时间：2018-01-05 08:06

本文关键词：基于企业生命周期理论的上市公司现金股利研究　出处：《中国注册会计师》2014年07期 　论文类型：期刊论文

【摘要】：本文选取我国沪市2009-2011年的上市公司作为样本,根据企业经营活动、投资活动和筹资活动现金流量组合特征划分企业生命周期阶段,对现金股利支付意愿和水平进行实证研究。研究结果表明,我国上市公司的现金股利支付具有显著的生命周期特征,从萌芽期、成长期到成熟期,现金股利支付倾向显著上升;从成熟期到衰退期,现金股利支付倾向显著下降。现金股利支付水平同样遵循了这一规律。这说明企业生命周期理论很好地解释了我国上市公司现金股利支付现象,我国上市公司现金股利政策呈现出更加理性和科学的特点。
[Abstract]:In this paper, the listed companies in Shanghai Stock Exchange from 2009 to 2011 are selected as samples to divide the life cycle of enterprises according to the characteristics of cash flow combination of business activities, investment activities and fund-raising activities. Empirical study on the willingness and level of cash dividend payment. The results show that the cash dividend payment of listed companies in China has significant life cycle characteristics, from budding period, growing period to mature period. The tendency of cash dividend payment increased significantly; From maturity to recession. The tendency of cash dividend payment is significantly decreased. The level of cash dividend payment also follows this rule, which indicates that the theory of enterprise life cycle can explain the phenomenon of cash dividend payment of listed companies in our country. The cash dividend policy of listed companies in China is more rational and scientific.
【作者单位】：首都经贸大学会计学院;
【分类号】：F275;F832.51
【正文快照】： 一、引言现代公司理财活动可以分为三大重要领域:融资、投资与股利分配。20世纪50年代,股利政策研究开始进入人们的视野,后来逐步发展成为财务学界的热点问题,许多理论研讨者和财务工作者对股利政策进行了深入、细致的研究。西方财务学者经过大量的理论和实证分析,提出了很多

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