我国上市公司股利分配决策的调查研究分析

A Survey of Management Views on Dividend Policy Decisions

本文调查了上市公司财务总监股利支付水平决策的主要影响因素和股利分配动因。2006年5月和8月,我们对河北省、山西省、陕西省82家上市公司和厦门国家会计学院两期培训班60家上市公司财务总监进行问卷调查,累计收回有效问卷123份。分析调查结果我们发现,上市公司管理层在决定现金股利支付水平时,首先考虑公司是否有充足的现金储备和持续经营现金净流入量;股票股利高低主要受公司扩张计划、当期每股净利润和未来预期每股净利润的影响;每股资本公积金是公积金转增股本的首要影响因素;支付现金股利的资金主要来源于当期和以前经营活动现金净流量。大部分CFO同意公司应设立现金股利目标支付率并逐步调整至目标支付率,反对稳定的现金股利政策;支持"一鸟在手"理论、信号传递理论、代理成本理论和大股东陶空理论。现金股利、股票股利分别对非流通股股东、流通股股东存在显著的财富效应,为股东财富效应理论提供了充分证据。

This study investigates the views of chief financial offers （CFOs） about factors which affect dividend policy level, motivations of paying dividend to shareholders. In May and August 2007, we have surveyed 142 CFOs of listed firms which come from Hebei, Shaanxi, Shanxi provinces and two seminars in Xiamen National Accounting Institute two times. By the end of September 2007, we had received 123 useable responses. We analyzed the responses and got satisfying results. The evidences show that managers of listed firms stress cash at hand level and sustainable cash in-flow on cash dividend level decision, and think that more cash and cash flow, higher cash dividend level. They stress corporate investment plan, net profit per share and future net profit per share on stock dividend level decision, and consider that stock dividend level is correlative with listed firms＇ long development strategy. These firms which are in growth life cycle pay stock dividends, and keep cash back in their firms for future development. They consider that accumulation funds per share is the first factor on accumulation fund turning to capital decision, Managers widely agree that this term and before net business cash flow is main source for cash dividend. Most CFOs agree that listed firms should build objective rate for cash dividend and gradually adjust cash dividend rate to it, and argue against changeless dividend policy. Managers give strong support to ＂one bird in hand＂ theory, signaling theory, agency cost theory, stake- holder tunneling theory. They prefer cash dividend to capital return, and consider that dividend policy can transfer firms＇ development information. CFOs think that paying cash dividend can reduce agent cost. But big stakeholders can tunnel and deprive small stockholders by paying cash dividends. Cash dividend and stock dividend have significant wealth effects for non-publicly tradable shareholders and publicly tradable shareholders each other. The study provides new evidences for the shareholder wealth effect theory.