企业现金股利政策影响因素的实证研究——以我国房地产上市公司为例

Empirical Study on Influencing Factors of Cash Dividend Policy Based on Real Estate Listed Companies in China

国内外学者对上市公司的分红政策研究较多,但大多基于所有沪深A股上市公司,对于一些小的细分行业缺乏其独有的分析。文章通过对2009—2011年沪深A股中136家上市房地产公司进行实证分析,探求决定公司现金股利政策的影响因素,研究结果显示,房地产企业的现金股利政策同持续分红政策、成长性和现金流情况正相关,而与偿债能力和周转性负相关,有效地验证了生命周期理论,部分验证了剩余股利和代理理论。而从公司分红多少来看,公司营业收入增长率、净资产收益率水平以及机构投资人持股比例越高,则公司进行现金分红的比例就越高。

Despite many studies on the dividend policy in the listed companies by foreign and domestic experts, most of them are based on all the listed companies on Shanghai and Shenzhen A-share markets but lack a special analysis on different in- dustry segments. The paper tries to explore the influencing factors of dividend policy based on the empirical analysis of 136 real estate listed companies during the years from 2009 to 2011. The results show that a real estate company＇s cash dividend policy is positively related to the continued dividend policy, growth and cash flow but negatively related to the solvency and turnover ratio, which effectively verifies the life cycle theory and partially proves the residual dividend and agency theory. Through a company＇s dividend level, the higher the company revenue growth rate, the return on equity （ROE） level and the proportion of institutional ownership, the higher the cash dividends level.