不同所有权上市公司现金股利分配比较研究

The Comparative Study of Dividend Distribution of Different Ownership

与西方资本市场相比,所有权在中国股市中对企业财务行为和经营决策的影响可谓更加重要。本文以A股市场两大产权主体——国有上市公司与民营上市公司为研究对象,对其近七年的派现分配数据进行了分组比较研究。最终得出所有权差异、当期盈利水平与非派现分配程度对上市公司是否派现具有重大影响,而当期盈利水平、累计盈余水平和非派现分配程度对单位派现水平有显著影响。负债水平、货币支付能力和规模对企业派现分配的影响均不显著。

Compared with Western capital markets, the effects of ownership on behavior, corporate financial behavior and business decisions are even more important in Chinese stock market. Based on the two ownership subjects in A - share market, the state - owned listed companies and private listed companies, this paper makes a comparative study according to the distribution data in nearly seven years which are divided into two groups. It draws a conclusion that differences between ownership, current level of profitability and the level of non - cash dividend are key factors that affect listed companies＇ decision - making on whether distribute cash dividends or not. And current level of profitability, the level of the accumulated surplus and the level of non - cash dividend have a significant impact on the decision about the unit amount of cash dividends while the effect of debt levels, the level of cash flow and scale of the enterprise on cash distribution are not significant.