我国上市公司现金股利政策研究——基于生命周期视角

Research on Cash Dividend Policy of Listed Companies in China:On the Basis of Life Cycle Perspective

通过赋予上市公司生命周期新的衡量变量——总杠杆系数,可将上市公司生命周期分为成长期、成熟期及衰退期三个阶段,将上市公司的现金股利政策划分为固定现金股利政策以及固定现金股利支付率政策。处于成熟期与衰退期的上市公司整体现金股利、固定现金股利、固定现金股利支付率分派意愿以及总体现金股利分派水平都较高,表明上市公司现金股利政策呈现出“U”型的生命周期特征。根据现金股利保障程度可将现金股利政策划分为过度稳健现金股利政策与稳健现金股利政策。研究结果表明,成长期上市公司选择过度稳健的现金股利政策概率较高,成熟期与衰退期的上市公司更倾向选择稳健的现金股利政策。总体而言,我国上市公司现金股利政策支持了生命周期三段论。

The life cycle of listed companies is divided into three stages:growth period,maturity period and recession period by giving the total leverage coefficient,a new measurement variable of the life cycle of listed companies.The cash dividend policy of listed companies is divided into fixed cash dividend policy and fixed cash dividend payment rate policy.The distribution willingness of overall cash dividend,fixed cash dividend,fixed cash dividend payment rate and overall cash dividend distribution level of listed companies are higher in the maturity and recession periods,indicating that the cash dividend policy of listed companies presents a“U”type life cycle feature.According to the guaranteeing level of cash dividend,the policies of cash dividend can be divided into those of excessively robust cash dividend and robust cash dividend.The results show that listed companies in the growth period have a higher probability of choosing excessively robust cash dividend policy,and listed companies in the maturity and recession periods are more inclined to choose robust cash dividend policy.In general,the cash dividend policy of listed companies in China supports the life cycle syllogism.