基于生命周期视角的现金股利政策研究

Research on Cash Dividend Policy from the Perspective of Life Cycle

本文以我国A股上市公司2010-2013年的数据为研究样本,运用模糊聚类分析将样本划分为成长型、成熟型和衰退型三类。分析了上市公司所处的生命周期阶段对其现金股利政策的影响。研究表明:我国上市公司现金股利政策具有生命周期特征,具体而言成熟型上市公司支付的现金股利显著高于成长型和衰退型企业,成长型上市公司的现金股利政策适中,衰退型上市公司发放的现金股利最低。

From a perspective of life cycle theory of dividend, based on the data of Chinese A-share listed corporation from 2010 to 2013 and the research method of De Angelo,the sample in this study was divided into three types: growing, mature and declining,according to fuzzy clustering analysis.Positive analysis shows the influence of listed corporations life cycle stage on its cash dividend policy. Research findings show that cash dividend policy of Chinese listed Corporation has life cycle characteristics, specifically, the cash dividend paid by mature listed Corporation is significantly higher than that of growing and declining listed Corporation, the cash dividend policy of growing listed Corporation is moderate,and the declining listed Corporation pays the minimum cash dividend.