我国上市公司现金股利发放与其盈利水平关系实证研究——基于消费品及服务行业(商业)的分析

Study on the Relationship between Cash Dividends and the Profit Ability

本文基于消费品及服务行业的股利政策数据,利用SPSS10.0软件对我国上市公司现金股利发放与其盈利水平关系进行实证研究,分别进行了双因素相关分析和多元线性回归分析,得出结论:现金股利发放与税后利润之间仅存在微弱的负相关关系;现金股利发放与企业净资产收益率之间存在强正相关关系。税后利润是绝对数,净资产收益率是相对数,且反映自有资金投资收益水平的指标,是企业获利能力指标的核心。所以,现金股利发放在一定程度上反映了企业的盈利水平。

Based on the dividends data of consumable and service industry,this paper analyzed the relationship between the cash dividends and the profit level positively by using of SPSS10.0 software,and applied the relation analysis and regression analysis.Ihe conclusion is that the relationship between cash dividends and after-tax profit was thin and negative,while the relationship between cash dividends and the yield of net assets was strong and posi- tive.The after-tax profit is absolute value and the yield of net assets is relative value.Besides the yield of net asset reflects the profit level of its own assets,and it is the core of profit.Therefore,the cash dividends reflect the profit level to some extent.