企业生命周期理论与上市公司现金股利分配实证研究
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财经研究 2010 年 第 36 卷第 09 期, 页码：124 - 134
摘要
参考文献
摘要
文章立足企业生命周期理论,实证检验了上市公司的现金股利分配政策。用留存收益股权比RE/TE作为企业生命周期的代理变量,以沪市A股上市公司为样本,选取2000-2008年间的年度数据,运用Logit模型和Tobit模型分别考察RE/TE和一些控制变量对上市公司是否支付现金股利以及股利发放率的影响。研究发现,我国上市公司是否支付现金股利呈现生命周期特征,而现金股利发放率则不具有生命周期特征;是否发放现金股利具有很强的连贯性,但股利发放率的连贯性不强。建议证监会要求公司结合所处行业和企业生命周期制订中长期的现金股利分配政策,加强对投资者的稳定分红回报。
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[3]Benartzi S,Michaely R,Thaler R.Do changes in dividends signal the future or the past[J].Journal of Finance,1997,52:1007-1034.
[4]DeAngelo H,DeAngelo L.Dividend policy and the earned/contributed capital mix:Atest of the life-cycle theory[J].Journal of Financial Economics,2006,(81):227-254.
[5]Dempsey S J,G Laber.Effects of agency and transaction costs on dividend payout rati-os:Further evidence of the agency-transaction hypothesis[J].Journal of Financial Re-search,1992,15:317-321.
[6]Denis DJ,Osobov I.Why dofirms pay dividends?International evidence onthe determi-nants of dividend policy[J].Journal of Financial Economics,2008,89:62-82.
[7]Dhrymes P,Kurz M.Invest ment,dividends and external finance behavior of firms,in de-terminates of invest ment behavior[M].New York:Nation Bureau of Economic Re-search,1967.
[8]Fama E,French K.Disappearing dividends:Changing firmcharacteristics or lower pro-pensity to pay[J].Journal of Financial Economics,2001,60:3-43.
[9]Fama E,MacBeth J.Risk,return,and equilibrium:Empirical tests[J].Journal of Politi-cal Economy,1973,81:607-636.
[10]Grullon E Michaely,R Swaminathan B.Are dividend changes a sign of firm maturity[J].Journal of Business,2002,75:387-424.
[11]J Fred Weston,Thomas E Copeland.Modernfinance andindustrial economics[M].Ox-ford,UK:B Blackwell,1987.
[12]Jensen Meckling.Theory of the firm:Managerial behavior,agency costs and ownershipstructure[J].Journal of Financial Economics,1976,3:305-360.
[13]Lintner J.Distribution of incomes of corporations among dividends,retained earning,and taxes[J].American Economic Review,1956,46:97-113.
[14]Rozeff M.Growth,beta and costs as determinants of dividend payout ratio[J].Journalof Financial Research,1982,3:249-259.
[15]Smith C,L Watts.The invest ment opportunity set,and corporate financing,dividend,and compensation policies[J].Journal of Financial Economics,1992,32:263-292.
引用本文
宋福铁, 梁新颖. 企业生命周期理论与上市公司现金股利分配实证研究[J]. 财经研究, 2010, 36(9): 124–134.
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