异常派现对公司成长能力的影响研究

The Influence of Abnormal Distribution on the Growth Ability of the Company

选取2015-2017年我国沪深两市A股制造业上市公司为初始样本,考察异常派现对企业成长能力的影响。结果显示:上市公司的异常派现不利于其成长能力的提升,且异常高派现和异常低派现对成长能力均具有负面作用;异常高派现对成长能力的负面作用不及异常低派现。在此基础上,提出了相应的政策建议:一是规范公司股利分配相关制度;二是调整和改进半强制股利分配模式。

The paper selected the initial samples from the listed companies in Shanghai and Shenzhen stock markets from 2015 to 2017. It investigates the influence of the abnormality on the growth ability of enterprises. The results show that the abnormal faction of the listed company is not conducive to the improvement of its growth ability, and the abnormal high school and the abnormal low faction have negative effects on the growth ability. In the comparative analysis, the abnormal high school has less negative effect on the growth ability than the abnormal low. On this basis, this paper puts forward corresponding policy suggestions. The first is to regulate the dividend distribution system of company, and the second is to adjust and improve the semi-mandial dividend distribution model.