我国上市银行股利分配影响因素的实证研究

An Empirical Study on Affecting Factors of Dividend Distribution of Listed Banks in China

本文以14家上市银行2006年-2012年的面板数据对上市银行的股利分配现状进行了分析,发现我国上市银行的股利分配政策连续性良好,且以现金股利分配为主,而现金股利分配具有一定的稳定性。以同样的数据对上市银行的现金股利分配影响因素进行实证分析,发现盈利水平和累积分配能力对现金股利分配具有正向影响,而负债水平对现金股利分配具有反向影响。盈利水平和累积分配能力越高,上市银行越倾向于分配更多的现金股利;负债水平越高,说明偿债能力越弱,上市银行越倾向于不分配现金股利。研究结果对上市银行的动向分析有积极的意义。

As the dividend distribution policy of listed banks is important to the social economy and investment, and both domestic and overseas studies on the dividend distribution policy of listed banks are limited, so this paper tries to study the affecting factors of dividend distribution of listed banks in China. Using the observations of 14 listed banks between the years 2006-2012, the paper analyses the current situation of dividend distribution of listed banks in China, finding that dividend distribution policies have a good continuity and give priority cash dividend distribution which is full of stability. By using the same data, it does an empirical study through setting a multiple regression model, and after analysing the coming out of the model, it finally comes to the conclusion that the profitability and the cumulative distribution ability has a positive effect on the distribution of cash dividend while debt ratio has a negative effect.