基于行业特征的股利迎合政策研究——以中小板上市公司送转股为例

Empirical Research on Catering Theory of Dividends Based on Industrial Characteristics Taking Small and Medium-Sized Enterprises for Examples

文章运用股利迎合理论,在对股利溢价改造的基础上,基于行业特征实证研究了我国中小板上市公司送转股股利政策是否存在迎合行业股利需求偏好的行为。研究表明,行业股利需求偏好不仅对中小板上市公司送转股概率高低有显著影响,而且对送转股比例高低也有着重要影响。可见,我国中小板上市公司确实存在理性迎合行业股利需求偏好热衷送转股的行为,而迎合的目的,是为了获得更高股利溢价。

Based on the modification of dividend premium and the industrial characteristics ,this article ,utilizing the catering theory of dividends ,examines w hether the paying stock dividend and reserve transfer dividend poli-cy of small and medium-sized enterprises caters to the preference for industrial dividend demand .The results show that preference for industrial dividends have important effects not only on the probability of paying stock dividend and reserve transfer ,but also on the proportion of these two behaviors .Therefore ,it indicates that the listed enterprises in China indeed rationally cater to the industrial dividend demand by paying stock dividend and reserve transfer .And the purpose of catering is to obtain the dividend premium .