现金股利政策差异化、股利分红意愿与分红水平

Differential Cash Dividend Policy,Tendency and Level of Cash Dividend

以2013年出台的差异化现金股利政策为制度背景,实证检验了该政策对上市公司分红行为的影响。研究发现,差异化现金股利政策的实施提升了资本市场整体的分红意愿和分红水平。进一步以不同生命周期阶段和资金支出安排的企业为切入点,研究发现:差异化现金分红监管政策实施后,成长期企业降低了分红意愿和分红水平,成熟期企业提高了分红意愿和分红水平,而衰退期企业的分红意愿和分红水平没有改变。该政策实施后,有重大资金支出安排的企业降低了分红水平,但其分红意愿没有显著改变。研究检验了股利生命周期理论在中国资本市场的适用性,同时为监管层进一步完善股利监管政策提供了思路和实证依据。

This paper takes the differential cash dividend policy in 2013 as the institutional background.We test on the effects of the policy on the dividend behavior of listed companies.We show that the differential cash dividend policy significantly enhances the propensity and magnitude of dividend payments of Chinese listed firms.Further,Classify companies by different life cycle stages and capital expenditure arrangements.We show that after the implementation of the differential cash dividend policy,the growing firms reduce the propensity and magnitude of dividend payments,the mature firms increase the propensity and magnitude of dividend payments,the declining firms don’t change the propensity and magnitude of dividend payments.Firms with significant capital expenditure arrangements reduce the magnitude of dividend payments,but their propensity of dividend payments don’t change significantly.This paper examines the applicability of the dividend life cycle theory in Chinese capital market,and provides a theoretical and empirical basis for the regulatory layer to further improve the dividend regulatory policy.