我国上市公司股利政策研究——基于企业生命周期特征的实证检验

Reserch on Dividend Policy of the Listed Company in China: An Empirical Research Based on the Firm's Life-cycle Characteristic

本文选取深市A股2001—2010年6140家上市公司数据,研究生命周期理论视角下信息披露质量对股利分配的影响。实证结果发现:(1)股利生命周期理论能很好的解释我国上市公司股利分配及现金股利股利分配行为;(2)信息披露质量的提高会强化企业生命周期对股利分配及现金股利分配概率的影响。本文的研究认为,我国有必要由独立的第三方机构开发和建立一套上市公司信息披露质量评价指标体系,将我国上市公司信息披露的真实质量信息传递给投资者,并在此基础上引导上市公司根据企业所处生命周期阶段合理制定股利政策,促进我国证券市场健康发展。

The paper tests the influence of information disclosure quality on the dividend distribution from the perspective of the life cycle theory using the sample of public company dividend policy during the period of 2001-2010 in Shenzhen, China. The results show that： （ 1 ） the dividend life cycle theory can be a very good explanation for the dividend distribution and cash dividend distribution behaviors of the listed companies in China; （2） the improvement of the information disclosure quality could strengthen the influence of enterprise life cycle on the probability of dividend distribution and cash dividend distribution. This study believed that it is necessary to develop and establish an information disclosure quality evaluation index system of the listed company by an independent third party agencies to make the listed companies in China provide the true quality informa- tion to the investors, and on this basis to guide them in establishing reasonable dividend policy according to their life cycle sta- ges, and to promote the healthy development of stock market in China.