金融危机下房地产企业现金股利分配倾向的实证研究

Empirical Study on the Cash Dividend Distribution Tendency of Real Estate Enterprises under the Financial Crisis

以2008年爆发的金融危机为研究背景,选取沪、深两市76家房地产企业2007-2011年财务数据为研究对象,通过运用Logistic回归,定量分析了影响房地产企业现金股利分配倾向的诸多因素在金融危机这一特殊环境下作用程度的变化。研究表明:公司规模和盈利能力对现金股利分配倾向的正向影响作用在金融危机期间有所减弱,成长能力对现金股利分配倾向的负向影响则有所加强。

Based on the financial crisis in 2008 as the study background,this article is to discuss the cash dividend distribution tendency of real estate enterprises under financial crisis.By choosing 76 real estate enterprises listed in Shanghai and Shenzhen Stock Exchange and selecting the data based on the financial data from 2007 to 2011 as the sample,the paper applies logistic regression and quantitatively analyzes the strength variations of many factors having effects on the cash dividends distribution tendency of the realestates enterprises under the circumstances of the financial crisis.Results show that the positive effect of profitability and company scale is weakened during the financial crisis while the negative effect of growth ability is enhanced.