公司异质性、羊群效应与现金股利

Corporate Heterogeneity, Herd Effect and Cash Dividend

基于公司异质性分类考察行业内公司现金股利决策的羊群效应,探讨不同类别的公司对行业内羊群效应的作用。分析2007~2017年A股上市公司数据发现:我国上市公司的股利政策易受同行业中其他公司的影响;上市公司之间的羊群效应在信息透明度不同的公司中模仿效果有所不同,在高信息透明度的公司中,羊群效应更加明显;基于先内后外的学习规律,具有相同产权性质的公司之间的羊群效应较明显。研究结论为公司利用行业信息作出股利发放策略提供了借鉴。

Based on the classification of corporate heterogeneity, this paper examines the herd effect of corporate cash dividend decision-making in the industry and explores the effect of different types of companies on the herding effect in the industry. Through the analysis of the data of A-share listed companies from 2007 to 2017, we find that: The dividend policy of listed companies in China is susceptible to other companies in the same industry;The "herd effect" between listed companies has different imitation effects in companies with different information transparency. In companies with high information transparency, the "herd effect" is more obvious;Based on the law of learning from the inside to outside, the herding effect between companies with the same property rights is more obvious. The conclusion of the study provides a reference for companies to make effective use of industry information to make dividend payment strategies.