股权分置改革改善了公司现金分红吗——基于A股制造业数据的检验

DID SHARE REFORM AFFECT CASH DIVIDEND POLICY OF CHINESE LISTED FIRMS Evidence from Manufacturing Firms in Chinas A-share Market

本文基于股权分置改革前后各年度A股制造业上市公司的数据,实证检验了"股权分置改革"对上市公司现金分红行为的影响。研究发现,股权分置改革前后各年度上市公司现金分红有显著差异,但是,短期来看,股权分置改革对于上市公司现金分红的影响并不显著;长期来看,股权分置改革对上市公司分红水平及分红比率均有显著影响。因此,我国资本市场股权分置改革的完成及股份全流通的实现对于上市公司现金分红的改善及投资者利益的保护具有积极意义。

By using the data of manufacturing firms before and after the share reform,this paper studied the effect of the share reform on the cash dividend policy of listed firms in China.The empirical results showed a significantly difference in cash dividend policy before and after the share reform.The share reform of stock market had great influence on both the percentage and volume of cash dividend in the long term.Therefore,the share reform and full circulation of shares would improve the cash dividend policy and protect the investors better.