上市公司股利政策:非稳定性及选择动因

The Dividend Policy of Listed Companies: Instability and Decision-making Motivations

股利政策的研究一直是西方理论研究者和上市公司管理层关注的焦点。本文沿袭并拓展Linter(1956)的研究框架,运用动态面板数据一阶差分GMM估计方法,对2000-2009年我国200多家上市公司的股利政策进行实证检验。最终结果表明,我国上市公司未对股利政策进行平滑。同时,我们对上市公司股利政策的选择动因进行了比较分析,希望能对股利政策的理论与实践有所贡献。

The interests of western financial economists and the managers of listed companies has been captured by dividend policies continuously.In the framework of Linter(1956),we analyze the dividend polices by using dynamic panel data first-differenced GMM method for a sample of more than 200 listed companies during 2000-2009.We find the dividend polices have not been smoothed by managers of listed companies.At the same time,in favor of the contribution to theory and practice of dividend policy,we researched the executive motivations of dividend polices.