我国上市公司现金分红影响因素的非参数分析及板块差异

Non-Parametric Analysis of the Influencing Factors of Cash Dividends of China's Listed Companies and the Differences between Markets

本文从上市公司财务指标出发,利用非参数分析方法对我国上市公司现金分红状况及其影响因素进行了探究。本文选取2007至2012年我国沪深两市主板、中小企业板、创业板等四个板块的财务数据,首先对每股股利、股利分配率的分布状况进行了拟合,发现其分布形式的偏态性。其次,本文运用非参数检验方法验证了四个板块间每股股利与股利分配率存在的显著差异性,然后运用非参数方法研究盈利能力、成长性、负债率、偿债能力等因素对每股股利的影响,拟合自变量和因变量之间的函数形式,并比较不同板块之间的差异。

This article studies China＇s listed companies＇ cash dividends, using the dividends data from 2007 to 2012ofthe companies listed on the Shanghai and Shenzhen motherboard, small plates and Growth Enterprise Market, in order to show the basic information and fit the distribution of DPS（ dividend per share） and DPR（ dividend payout ratio）. By using Kruskal-Wal- lis test, this article proves that there is extinguish difference of DPS and DPR among these four markets. Furthermore, by using the non-parameter testing model, the significant differences are proved exist between DPS and DPR among the four boards. And then, the same method is also applied to testing the effects on the DPS which come from the profitability, growing ability, debt ratio and repayment ability. Finally, the author tries to make clear the differences between the four boards, by using the func- tions between independent variables and dependent variables.