国际视角下的中国股利支付率和收益率分析

The Dividend Payout Ratio and Dividend Yield of Chinafrom a Global Perspective

本文对1994—2002年间中国上市公司的股利分配进行了总体分析,并与主要的国际市场进行了对比。结论发现:中国进行派现的上市公司比例高于美国,而股利支付率也高于国际市场的平均水平。但中国的股利收益率却要远远低于主要国际市场的平均水平,其原因在于中国公司盈利能力较低和股价过高所致,而并不在于股利支付水平。因此,当前关键已不在于提高股利支付水平,而是如何提高公司的盈利水平。

This paper gives a comprehensive analysis on the dividends of China's listed companies from 1994 to 2002,in comparison with major global stock markets. The conclusion shows that either the proportion of payer of Chinese listed companies is higher than that of U.S., or the payout ratio is also higher than the average level of global market. However, the dividend yield ratio is much lower than the average level of global market. The paper suggests that both the lower profitability and higher prices contribute to the phenomena, rather than the level of dividend payout. Therefore, it is much more crucial to boost the profitability than to enhance the dividend payout level of companies.