“铁公鸡”扎根A股的影响因素研究——基于政策实施效应视角的实证研究

Research on the Influencing Factors of“Iron Rooster”Taking Roots in A-share Market:Empirical Research from the Perspective of Policy Implementation Effect

2000年后,虽然国家陆续出台了五次分红监管政策以期治理国内股市分红的各种乱象,但时至今日,一大批长期一毛不拔的“铁公鸡”仍顽固地扎根在A股。文章通过对股市成立以来历次分红监管政策及其依存因素的研究发现,尽管定性式半强制分红政策及差异化分红监管政策能显著降低“铁公鸡”公司的占比,但所有的分红监管政策都不能显著提高既有“铁公鸡”公司的分配意愿。对政策实施效应依存因素的检验表明,仅有公开再融资需求和重大资本性支出能同时降低“铁公鸡”公司的占比并提高既有“铁公鸡”公司的分配意愿,盈利水平和ST的频率越高的公司成为“铁公鸡”的可能性越高,而成长性水平与“铁公鸡”公司占比呈显著负相关关系。

Although the government had successively introduced five dividend regulatory policies which aim at controlling the various chaos in the domestic stock market dividends since 2000,a large number of“iron roosters”are still stubbornly rooted in A-share market yet.According to the study of the dividend regulatory policies and their dependent factors since the establishment of A-share market,it is found that although qualitative semi-mandatory dividend policies and differentiated dividend regulatory policies can significantly reduce the proportion of“iron rooster”companies,all dividend regulatory policies cannot significantly increase the existing“iron rooster”companies’willingness to pay dividends.Examination of the dependent factors for the effect of policy implementation shows that only public refinancing needs and major capital expenditures can reduce the proportion of“iron rooster”companies and increase the existing“iron rooster”companies’willingness to pay dividends.The higher the profit level and the frequency of ST,the higher the probability of the company becoming an“iron rooster”.The level of growth and the“iron rooster”company’s proportion is significantly negatively related.