我国上市公司异常高派现问题研究

A Study on Abnormal High Cash Dividends of Chinese Listed Companies

我国上市公司长期以来吝于分红现象严重,近年来在资本市场、监管部门的积极引导下,上市公司纷纷加大了派现力度,初步缓解了分红不足的问题。但同时,却出现了上市公司超出自身能力分红的异常高派现现象。本文依据我国上市公司2011-2015年相关数据,深入分析了异常高派现行为的特点与动因,研究发现异常高派公司更易发生业绩下滑及成长乏力等问题,为此提出了将异常高派现与再融资挂钩等规范上市公司异常高派现行为的建议措施。

Chinese listed companies has run stingy dividends for a long time,but the situation has been greatly improved under the active guidance of the capital market and the regulators in recent years.However,at the same time,a new phenomenon appears：abnormal high cash dividends which is beyond the capacity of some companies.This paper,with related data of Chinese listed companies during 2011 to 2015,investigated the characteristics and motivation of the abnormal high cash dividends.And it found listed companies with high cash dividends often decline in their performance and tend to lack growth motivation.Therefore,it is suggested abnormal high cash dividends companies should resort to refinancing as a countermeasure.