中国证券市场“现金股利之谜”——基于1990～2015年上市公司分红数据的考察

‘Cash Dividend Puzzle' in China Stock Market: Evidence from 1990～2015 Listed Firms Cash Dividend Payment

上市公司现金股利分配事关资本市场价值投资理念的塑造、中小投资者利益保护与公司财务可持续发展。以沪深股市1990~2015年度~1上市公司为样本,通过股利支付率的年度、行业、板块、地区、企业性质分布特征以及连续不分红公司分布特征等角度的分析,发现股利支付连续性逐年增强但平均股利支付率偏低,股利政策随意性较大;股利支付行为对监管政策的阶段性迎合特征明显,上市公司自发性分红意愿有待加强;各地区、行业、板块间股利支付率差异明显,存在板块倒置、代际倒置等问题。

Cash dividend policy is of great significance to value investment notion, investor protection and corporate sustainable development. With the sample data from year 1990 -2015 Shenzhen and Shanghai stock exchange listed firms, this paper investigates China listed firms＇ cash dividend policy. Statistical results demonstrate that continuity of dividend paying is increasing by year, but the level of dividend payout is still low. Dividend policy differs greatly among firms from different industry, different stock exchange and different region. Dividend policy has a trend of catering regulation rules, shows a violation of firm life circle and feature of capital market.