电力行业上市公司股利政策影响因素分析

Analysis of Factors Influencing the Dividend Policy of Listed Companies of the Power Industry

对电力行业上市公司股利政策受哪些因素影响进行了实证分析.分析认为,电力行业股利政策主要受上市公司资产负债率、资产增长率、流动比率、股票价格、国有及法人股比例、每股净资产和每股现金流量的影响,且流动比率、股票价格、每股净资产、每股现金流量与现金股利正相关,负债率、资产增长率、国有及法人股比例与现金股利负相关.通过比较的实证研究还发现:伴随着股改的发生,国有及法人股比例对电力行业上市公司现金股利分配的影响不再显著,流通股比例对其影响显著增加.

This paper made an empirical analysis of the factors which influence the dividend policy of listed companies of the power industry. The conclusion points out that the dividend policy of the power industry is mainly affected by asset--liability ratio, asset growth ratio, liquidity ratio, stock prices, the proportion of state--owned and corporate shares, the net assets per share and the cash flow per share. Meanwhile, the liquidity ratio, stock prices, the net assets per share and the cash flow per share have a positive relationship with cash dividend. Asset--liability ratio, asset growth ratio, the proportion of state--owned and corporate shares have a negative correlation with cash dividend. By comparing the empirical studies, it is also found that, along with the occurrence of dividend policy reform, the proportion of state--owned and corporate shares no longer influences the distribution of cash dividend evidently, but the impact from the proportion of outstanding shares has a significant increase.