半强制分红政策下上市公司现金股利分配与盈余质量关系研究

Research on the Relationship between Cash Dividend Distribution and Earnings Quality of Listed Companies under Semi-Mandatory Dividend Policy

2012~2015年,国家曾出台一系列现金股利政策,以鼓励甚至半强制上市公司实施现金分红。文章为检验该政策对现金股利与上市公司盈余质量关系的影响,选取了2013~2017年上市公司的相关数据,验证发放现金股利的公司其盈余质量是否更高,发现发放现金股利的上市公司具有更高的盈余质量。

During 2012 to 2015, a series of cash dividend policies has been issued to encourage and even semi-force listed companies to implement cash dividends. In order to examine the impact of this policy on the relationship between cash dividends and the earnings quality of listed companies, this paper selects the relevant data of listed companies from 2013 to 2017 to verify whether the company that pay cash dividends have higher earnings quality and find that the listed companies that pay cash dividends have higher earnings quality.