投资者法律保护 超额现金与现金股利政策

Legal Protection of Investors, the Excess Cash and Cash Dividend Policy

从宏观和微观角度分析了投资者法律保护、超额现金与现金股利政策的关系。得出了投资者法律保护与现金股利支付率负相关,在分组样本中,投资者法律保护并没有差异;现金比例与现金股利支付率负相关,并且在超额现金样本组与非超额现金样本组中有显著性差异。实证表明我国股利政策支持替代假说。

Analysis of the relationship between investors＇ legal protection, excess cash and cash dividend policy from a macro and micro perspective. The legal protection of investors and cash dividend payment rate negatively correlated, in the grouping of samples, the law protection of investors have no difference with cash dividend policy, cash ratio and cash dividend payment rate negatively correlated, and the excess cash sample group and sample group of non-excess cash had significant difference. The empirical test shows that the dividend policy of our country to support the alternative hypothesis.