现金股利政策与企业生命周期——基于中国上市公司的实证研究

Cash Dividends Policy and Enterprise Life Cycle: Empirical Research Based on Listed Companies of China

以中国2006～2010年A股上市公司为样本,基于企业生命周期考量公司现金股利政策与企业生命周期之间的关系。结果表明:中国上市公司生命周期不同阶段现金股利政策具有显著的差异,公司盈利能力是形成企业不同生命周期阶段现金股利政策差异的显著原因。企业不同生命周期公司治理结构差别不大,在不同生命周期阶段对企业现金股利政策的影响在不同生命周期阶段也大同小异。

The relationship between the cash dividend policy and enterprises life cycle is analyzed based on the samples of Chinese A-share listed companies during the period 2006-2010.The result shows that different cash dividends policies are employed during the different life cycle stages,and the switch of the cash dividend policy depend on the company profitability.However,the same governance structure is practiced during different enterprise life cycle.