我国A股上市公司红利政策影响因素分析

Determinants of Dividend Policy of A-Share Companies

红利分配政策是上市公司研究的重要方面。文章利用A股全部非金融类上市公司财务数据,通过统计分析了1992-2004财务期间A股市场分红状况和特点,并使用统计分析和LOGIT回归两种方法,分析了这些年间A股公司红利政策的影响因素。研究发现,盈利能力、公司规模、股权融资是红利政策的显著影响因素,但投资机会对红利政策影响不显著。

Dividend policy is a major concern in the study of listed companies. Using the data of all non - finance A - share listed companies, this paper studies the features of dividend policies of the A - share market during 1992 - 2004, and analyzes the determinants of dividend policies with statisitical analysis and LOGIT regression methods. We find that, profitability, company size and equity financing are significant determinants of dividend policy, while investment opportunity is not a significant one.