行业特征与现金股利政策——基于2004-2008年中国上市公司的实证研究
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财经研究 2010 年 第 36 卷第 08 期, 页码：123 - 133
摘要
参考文献
摘要
文章以2004-2008年沪深A股上市公司为研究样本,系统性地检验了行业因素对上市公司现金股利政策的影响。研究发现:行业前期现金股利支付对本期企业现金股利的支付意愿和支付水平产生显著的正向影响;行业竞争程度、行业自信水平对企业的股利支付意愿和支付水平产生负向影响;行业股利需求偏好、行业所处的生命周期并不影响企业当期的现金股利政策。国家分红政策效应的强化会使企业现金股利决策更加依赖行业因素。
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[3]吴世农.我国证券市场效率的分析[J].经济研究,1996,(4):13-19.
[4]范从来,袁静.成长性、成熟性和衰退性产业上市公司并购绩效的实证分析[J].中国工业经济,2002,(8):74-85.
[5]La Porta R,Lopez-de-Silanes F,Shleifer A,et al.Agency problems and dividend poli-cies around the world[J].Journal of Finance,2000,(1):1-34.
[6]Grullon G,Michaely R.Corporate payout policy and product market competition[R].Working Paper,Rice University and Cornell University and IDC,2008.
[7]Lintner J.Distribution of incomes of corporations among dividends,retained earningsand taxes[J].American Economic Review,1956,(2):97-113.
[8]Miller M,Modigliani F.Dividend policy,growth and the valuation of shares[J].Jour-nal of Business,1961,34:411-433.
[9]Miller M,Kevin R.Dividend policy under asymmetric information[J].Journal of Fi-nance,1985,40:1031-1051.
[10]Allen F,Bernardo A E,Welch I.Atheory of dividends based on tax clienteles[J].Journal of Finance,2000,55:2499-2536.
[11]Baker M,Wurgler J.A catering theory of dividends[J].Journal of Finance,2004,(3):17-36.
[12]Wei Li,Erik Lie.Dividend changes and catering incentives[J].Journal of FinancialEconomics,2006,80:293-308.
[13]Baker,H K,Powell G E.Determinants of corporate dividend policy:A survey ofNYSEfirms[J].Financial Practice and Education,2000,(10):29-40.
[14]Brav A,GrahamJ R,Harvey C R,et al.Payout policyin the 21th century[J].Jour-nal of Financial Economics,2005,77:483-528.
[15]Jensen MC,Meckling W H.Theory of the firm:Managerial behavior,agency costsand ownership structure[J].Journal of Financial Economics,1976,(3):305-360.
[16]Shleifer A,Vishny R W.Asurvey of corporate governance[J].Journal of Finance,1997,52:737-783.
[17]Grullon G,Michaely R.Dividends,share repurchases,and the substitution hypothe-sis[J].Journal of Finance,2002,62:1649-1684.
[18]DeAngelo H,DeAngelo L,Skinner DJ.Are dividends disappearing?—Dividend con-centration and consolidation of earnings[J].Journal of Financial Economics,2004,72:425-456.
[19]Sanjay Deshmukh,An MGoel,Keith M Howe.CEOoverconfidence and dividend pol-icy:Theory and evidence[R].Working Paper,DePaul University,2009.
[20]Beiner Schmid,Wan Zenried.Product market competition,managerial incentives,andfirmvaluation[R].Working Paper,University of Oxford,2005
引用本文
权小锋, 滕明慧, 吴世农. 行业特征与现金股利政策——基于2004-2008年中国上市公司的实证研究[J]. 财经研究, 2010, 36(8): 123–133.
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