上市公司现金股利政策信号内涵的影响因素实证研究

用信号传递理论结合上市公司现金股利政策,采用实证分析的方法,以深市A股上市公司数据为样本,对上市公司现金股利政策信号内涵的影响因素进行探讨,实证分析结果表明:上市公司的盈利能力和负债水平是显著影响现金股利支付水平的因素。由此可见,我国上市公司的现金股利分配政策是独立的,与长期可持续的财务收益水平相关,并不从属于其他的经营决策。从而为上市公司管理层实施有效的现金股利政策提供理性思考,也为投资者根据现金股利政策进行投资给予一定的启示。

This paper makes research on the influence factors of listed company cash dividend signal connotation by signal connotation theory combined listed company cash dividend policy, sampled of the data of Shenzhen city A listed company and the methods of demonstration. The result of the demonstration analyses shows that payoff ability of listed company and owes level are the significant factors which affect cash dividend payment level. Therefore, our colmtry＇s cash dividend distribution policy listed company are independent and correlates with long sustainable finance lucre, and don＇t belong to other management decision. It also provides rational thinking for listed company management to implement effective cash dividend and brings inspiration for investors according to cash dividend policy.