基于因子分析的上市公司现金股利政策影响因素研究

Research on Factors Influencing Cash Dividend Policy of Listed Companies Based on Factor Analysis

运用因子分析法,以2008年沪深两市A股纯派现的361家上市公司的财务数据为样本进行实证研究。实证结果显示盈利能力、现金充足性、资产负债率、公司规模与现金股利支付率呈负相关关系;市盈率,资产流动性与现金股利支付率呈正相关关系。

This paper applied the method of factor analysis, and adopted financial data of 361 listed companies paying cash dividend in Shanghai and Shenzhen A - share markets in 2008 for empirical research. The empirical results showed that profitability, cash adequacy, asset - liability ratio, and the size of company ware negatively related to cash dividend payments rate, while PE, assets liquidity ware positively related to cash dividend payments rate.