上市公司现金股利派发的财务效应研究——兼论现金股利代理成本理论的适用性

The Financial Effect of Cash Dividend Distribution in Listed Companies : The Applicability of Cash Dividend Agency Cost Theory

中国上市公司现金股利分配的特殊性,决定了其不同于一般的企业财务效应:派发现金股利后企业盈利能力和资产管理能力显著增强,偿债能力显著降低,发展能力变化不显著;企业盈利能力增长幅度与现金支付率呈正比关系,但股权集中程度弱化了现金股利对企业盈利能力的影响。

The particularity of cash dividend distribution of Chinese listed company determines its fi- nancial effects are different from that of others. Enterprises＂ profitability and asset management ability sig- nificantly improve while solvency ability significantly drops, and development ability does not change sig- nificantly after distributing cash dividend. There is a significant positive relationship between enterprises＇ profitability increase magnitude and dividend payment rate. However, the ownership concentrated degree weakens the positive effect of cash dividend distribution on enterprises＇ profitability.