埃克森美孚石油公司股利政策研究

Study on the Dividend Policies of ExxonMobil

公司的股利政策已从原始的利润分配活动,上升为以维持和促进公司市场价值为目标、充分协调股东利益和公司发展的重要手段。考察分析埃克森美孚石油公司1994～2004年的股利分配政策可以发现:该公司保持每股现金股利稳定增长,而不是维持稳定的股利支付率;其现金股利变动与利润变动存在相关性,但前者的变动程度较后者平缓得多;公司从不削减每股现金股利,但会根据利润变化调整股利增长率;公司不曾发放股票股利,而是通过股票分割达到相同目的;在稳定的现金股利政策下,公司充分利用股票回购方式达到向股东返还现金的目的;将股权自由现金流的较大比例返还给股东,同时保持一定的财务弹性。文章用顾客效应理论、信号效应理论以及代理成本理论三个股利理论对以上股利政策进行了理论解释,并指出,中国的石油公司在股利政策的制定方面,迫切需要以科学、系统和实用的理论及实践经验作指导。

This paper empirically examines the long-running dividend distribution behavior of ExxonMobil from 1994 to 2004. The results show that ExxonMobil's dividends per share, rather than dividend payout ratio, has been stably increasing over time; cash dividend changes have tended to be related to earnings changes, but the first appears to be smoother than the latter; there have been no cuts in dividends per share over time, and dividend growth rate has been adjusted to consider earnings changes; instead of issuing stock dividends, stock splits are used to play similar roles; considering dividend stability, stock repurchases have been a good way to return cash to shareholders when there is a surplus of unneeded cash; at the same time of maintaining financial flexibility, a large proportion of free cash flow of equity have been paid out to shareholders. This paper also tries to give theoretical interpretations on Exxon Mobil's dividend policy, using some concepts of clientele effect, signaling effect, and agency cost.