现金股利政策影响因素的实证研究——以上市银行为例

Empirical Research of the Influencing Factors for Cash Dividend Policies——Evidence from Listed Banks

股利政策作为现代公司理财的核心内容之一,不仅关系着股东、债权人的利益,而且关系着公司的未来发展,因此股利分配政策一直是公司内外部利益相关者关注的焦点。本文以上市银行为研究对象,首先分析了2008-2012年上市银行的股利支付情况,然后运用多元回归模型从盈利能力、现金流状况、偿债能力、公司规模、股权结构等方面分析影响上市银行股利分配的因素,以期研究结果能为上市银行制定合理的股利分配政策提供实践指导。

Dividend policy is one of the core content of modern corporate financial management, which not only affects the interests of the shareholders and creditors, but also affects the companies＇ future development, therefore, the dividend distribution policy is always the attention focus for companies＇ stakeholders. This paper has selected the listed banks as the research objects, it first analyzed the dividend distribution of listed banks from 2008 to 2012, and then it analyzed the influencing factors of listed banks＇ dividend distribution from profitability, cash flow, liquidity, company size, ownership structure and etc. through using multiple regression models, and the research result aims to provide practical guidance for the listed banks to formulate reasonable dividend distribution policies.