股利折价与迎合:来自我国上市公司现金股利分配的证据

Dividend Discount and Catering: Evidence from Chinese Listed Companies' Cash Dividend Policy

本文结合迎合理论的思想,运用Logistic模型来探讨我国社会公众投资者的现金股利需求和上市公司是否发放现金股利之间的关系。研究结果发现:我国社会公众投资者对现金股利的需求表现为股利折价,投资者的现金股利需求对上市公司是否发放现金股利具有一定的影响,上市公司现金股利的发放行为表现出对投资者现金股利需求的迎合。文章并进一步从制度因素和投资者预期角度对这一现象进行了解释。

This paper combines the idea of catering theory,and adopts the Logistic model to probe into the relation between the investor demand for cash dividend and the decision of listed companies on whether to pay dividend or not.The results show that the investor demand for cash dividend,which shows as dividend discount,has impact on the decision on listed companies.The companies catered investors by not paying cash dividend,which confirms the catering theory.At last,the paper explains the situation from two aspects of the institution and the anticipation of investors.