中国上市公司股利政策“追随者效应”分析——基于市场微观结构理论方法的实证研究

The ″Clientele Effect″ of China's Listed Corporation's Dividend Policy:Based on the Theory and Methodology of Financial Market Microstructure

中国上市公司不遵循一个稳定的向市场传递公司未来盈余信息的股利政策,且较多的使用了在西方较谨慎使用的股票股利支付形式。一种行为能在市场上长时间存在必然有其特定的市场微观结构基础。基于市场微观结构理论与方法的研究表明当前中国上市公司股利政策选择的微观基础是市场上存在着一种特殊的"追随者效应"——投资者对不同的股利支付形式有着明显不同的偏好。该效应对股市稳定是一个不利因素,有必要采取各种措施逐步改变这种局面。

<Abstrcat> China's listed corporations do not follow a stable dividend policy. Furthermore, stock dividend which seldom used in the west is used by most listed corporations in China. Since the existing of a market behavior must have its market microstructure basis, the market microstructure characters of the listed companies' dividend policy are investigated from various aspects based on the financial market microstructure theory and methodology.The result indicates that Chinese listed companies' dividend policy has a special ″clientele effect″ - investors have different preference to different forms of (dividend.) This effect is harmful to the stock market's stability, and it is essential to take necessary measures to change this situation.