行业特征对我国上市公司现金股利分配的影响研究

Impact of Industrial Characteristics on Cash Dividend Distribution of China′s Listed Companies

根据中国证监会于2001年发布的《上市公司行业分类指引》,对我国沪深A股上市公司进行行业分类,并对我国上市公司现金股利分配的行业特征进行实证研究。研究结果表明:行业特征对中国上市公司现金股利分配具有一定影响;不同行业的上市公司的现金股利分配具有显著差异,但这种差异在行业间并非普遍存在;同一行业上市公司的现金股利分配具有稳定性;相对于行业因素,公司特征对上市公司现金股利分配的影响更为显著。

According to The Guidance for Industry Classification of Listed Companies issued by China Securities Regulatory Commission,this paper classifies A share listed companies in Shanghai and Shenzhen stock market,and studies the industrial characteristics on cash dividend distribution of China′s listed companies.The results show as follows：industry characteristic is one of important influence factors of cash dividend distribution;there is obvious difference in cash dividend distribution among listed companies from different industries,but this discrepancy is not commonly found among different industries;there isn′t significant difference among different sub-industries in the same broader industry;the cash dividend distribution of listed companies in the same industry is stable;compared with other industry factors,the influence of firm＇s characteristics on cash dividend distribution is more obvious.