我国上市公司股利分配影响的实证研究

股利分配是公司财务管理研究的重要内容之一。股利分配是指公司对当期净利润按某种比例发放给股东和公司留存的决策。利用CSMAR数据库数据分析了我国股市股利分配现状,并对筹资现金流、经营现金流与股利支付程度关系进行了探索。结果显示:截至2011年底,我国约有68%的上市公司分配现金股利。但是,在分配股利公司数量上升的同时,存在股利分配缺乏连续性、少数公司异常高派现、现金股利支付率偏低等复杂且混乱的分配局面;筹资现金流与股利支付率具有显著的关联性。对此,应在盈利能力、股权结构、内部控制等方面进行改进。

The dividend distribution is one of important contents of financial management. The dividend distribution refers to the policy that corporations distribute the current net profits to shareholders in a certain proportion and retain funds. Based on the CS- MAR database, this paper analyzes the present situation of dividend distributions in Chinese stock market, and explores the relations among financing cash flow, operating cash flow and dividend payout level. The results show that by the end of 2011, about 68% of listing corporations in China had conducted the cash dividend distributions. However, at the same time, there exist complex and confusing distributions, including lack of continuous dividend distributions, unusually high cash dividends and low cash dividend payout ratio, and there is significant correlation between financing cash flow and dividend payout ratio. Therefore, company profitability, ownership structure and internal control should be improved.