半强制分红政策下沪市上市公司现金分红与财务绩效的实证分析

2013年1月上交所发布了《上海证券交易所上市公司现金分红指引》,本文以此为研究背景,选择2012年年报中因高分红可能获得再融资、并购重组等"绿色通道"的上市公司为研究对象,利用SPSS13.0SPSS13.0软件回归分析现金股利支付率和收益率与企业财务绩效之间的关系。结果表明:资产负债率和净资产收益率是影响股利支付率和现金股利收益率的关键指标,融资压力和盈利能力对股利分配存在正相关关系,且影响显著。最后提出上市公司应考量行业类型、发展阶段和现金保障等方面等具体情况,合理制定分红政策。

In January 2013, the guidance of cash bonus for public companies was issued and implemented in Shanghai stock market. Taking it as my research background, I choose the public companies that might benefit from the ＂green channels＂, such as refinancing, acquisition and reorganization because of their high dividends in 2012 as my research objects and analyze the relationship between cash dividend payout ratio, yield rate and companies＇ financial performance by the aid of the software of SPSS13.0. Results show that assets and liabilities as well as net assets income rate are key indicators that affect dividend payout ratio and cash dividends income, which have positive correlations. That means financing pressure and profitability can evidently influence dividend distribution. It is advised that public companies should take specific factors, such as industry types, developing phases and cash guarantee, into consideration so as to formulate dividend policies rationally.