我国上市公司股利政策的信息内涵:基于股利政策稳定性的实证研究

The Information Content of Dividend Policy of the Listed Companiesin China:Empirical Study Based on Stability in Dividend Policy

西方信号理论表明,上市公司遵循稳定的股利政策,股利变化可传递未来盈余的信息。从股利政策稳定性的角度对我国上市公司股利政策的信息内涵进行研究,研究发现:上市公司遵循不稳定的股利政策,不稳定的股利政策使得我国公司的股利政策的信息内涵与西方信号理论存在一定差别,即股利变动不反映公司未来盈余的信息。

The signaling theory suggests that the listed companies prefer the stable dividend policy and the change of dividends can convey the information about the future earnings. Based on Stability in dividends policy, the paper investigated information content of dividend policy. The results shows that Chinese companies pursue less stable dividend policies which makes the information of content of dividends policy differ from the signaling theory that the dividends policy signal the asymmetric information about the firms future earnings.