上市公司投资者关系管理与现金股利政策——基于A股上市公司的经验证据

Investor Relations Management and the Cash Dividend Policy of Listed Companies——The Empirical Evidence from A-Share Listed Companies

利用中国A股上市公司2013年的数据,采用Logistic回归和多元线性回归,研究上市公司投资者关系管理与现金股利政策之间的关系。研究发现投资者关系管理水平高的上市公司具有相对积极的现金股利政策,即分配现金股利的可能性越强,现金股利发放的力度更大;与非政府控制公司相比,政府控制公司的现金股利更容易受到投资者关系管理的影响,而非政府控制公司的现金股利更容易受到股权集中度的影响。

Based on the date of 2013 A-share listed companies in China,using Logistic regression and multiple linear regression,this paper focuses on the relationship between investor relations management and cash dividend policy of listed companies. The study found that higher level of investor relations management of the listed company results in a higher level of cash dividends. Compared with non-governmental controlled companies,the cash dividends of the governmental controlled companies are more susceptible to the influence of investor relations management,and the cash dividends of the nongovernmental control companies are more vulnerable to the impact of ownership concentration.