中国上市公司现金分红统计特征研究——基于1990—2015年股息率数据的考察

The Statistical Traits of Chinese Listed Firms' Cash Dividend Policy:An Examination of 1990—2015 Dividend Yield

以沪深股市1990—2015年A股上市公司股息率数据为样本,对上市公司股息率的年度、板块、企业性质、行业类别、地区等方面进行特征描述,发现:上市公司分红意识有所加强,分红连续性有所提升,但股息率仍低于国际水平;股息率变动趋势在各板块、行业、地区具有相似性,但不同板块、行业、地区的股息率水平仍差距明显;种种迹象表明中国半强制分红监管具有积极的政策效应。

Based on the sample of 1990—2015 A share listed firms＇ dividend yield,this paper make a statistical description of dividend from year,market,industry and region. The empirical results show that the awareness of dividend paying improve greatly,the continuity of dividend policy has been enhanced,but dividend yield still lower than international level and there are similarity and difference among industry and region. The Empirical results indicate that Chinese Semi-mandatory cash dividend policy has positive effects.