上市公司超能力派现实证研究

本文以2009-2014年28家沪深两市A股上市公司为样本,研究股权集中度、公司规模、二职合一(公司的董事长和总经理是否为同一人)、机构持股、四大审计师审计这五个因素对上市公司超能力派现的影响.研究结果表明:超能力派现主要与前十大股东持股比例合计有较强的正相关关系,与其他因素关系不大.     

公司治理结构与超能力派现的实证研究

本文选取了2004年深圳主板市场超能力派现的42家公司作为测试样本，建立Logistic模型。通过实证研究发现，公司治理结构是上市佥司发生超能力派现行为的重要影响因素，其中独立董事比例、高级管理人员薪酬水平对超能力派现具有显著性影响，公司治理结构的优化有利于制约上市公司的超能力派现行为。     

新上市公司超能力派现行为分析——以英飞拓为例

近年来,越来越多新上市的公司慷慨高派现,成为了“派现奶牛”,有些上市公司在净利润下滑甚至亏损的情况下依然超能力派现（“超能力派现一指每股现金股利大于每股收益或每股经营现金净流量）。超能力派现问题引起了人们的广泛关注和激烈的讨论。笔者以深圳英飞拓科技股份有限公司为例进行分析和探讨。     

上市公司超能力派现信号效应实证研究

上市公司超能力派现已引起了广泛的关注,然而这一现象可能导致的市场反应却不为人们所了解。作者以深、沪两市2005年实行超能力派现上市公司为研究对象,根据股利公告日前后股价的变动资料,采取累计超额收益率进行实证研究,以此来分析市场对超能力派现的反应。实证研究结果表明,超能力派现对公司的股价具有负的信号传递作用。     

上市公司现金股利分配情况分析

本文以2001年证监会发布的《上市公司新股发行管理办法》为起点,对我国A股上市公司2001￣2005年度现金股利分配情况从数量和质量两个方面进行了分析。结果表明,2002年以后由于政策性和公司自身原因,派现上市公司所占比率出现小幅回落;A股上市公司在收益质量不高的情况下,明显存在超能力派现的现象。而股票获利率高于无风险利率水平的公司比率上升,是理性表现。     

我国上市公司现金分红现状的探讨

现金分红是股利分配政策的一种,即公司向股东分派现金股利。我国2000年开始掀起现金分红热潮,但分红出现了超能力派现、融资同时派现、异常低派现等不良现象。作者对此进行分析,指出中国上市公司在现金股利政策制定中存在的问题,并提出相应的对策建议     

现金股利、盈余管理与大股东利益输送行为研究

本文选取2009—2011年645家A股上市公司为样本,对大股东利用盈余管理掏空上市公司行为进行了研究。结果发现：当真实盈余不能达到实际派现需要时,上市公司会实施向上的盈余管理来提高账面盈余;真实盈余与派现额相差越大,盈余管理越大。大股东持股比例越高,上市公司为派现盈余管理也越大。     

规范我国民营上市公司现金股利分配状况的建议

我国民营上市公司的现金股利支付存在象征性派现与少数公司高派现并存的现象,并且公司现金股利政策的短期行为较重。从内部因素来讲,资质欠佳的上市公司意图通过发放大量现金股利以满足再融资资格;一些希望走多元化道路的上市公司通过象征性派现,既可保留配股资格,又保留了后续扩张的资金;而一些上市公司的大股东则希望通过高派现收回投资。从外部环境来看,第一,     

从双重委托代理理论看我国上市公司的超能力派现

随着证券市场的逐步发展,我国上市公司逐步走向成熟,其股利政策呈现出一些新的特点.本文主要从双重委托代理理论的角度对一些上市公司的超能力派现行为做些分析,并提出抑制超能力派现行为、保护中小投资者的建议.     

流通股东偏好对上市公司股利政策影响的实证初探

股利政策的影响因素一直是国内实证研究的热点。本文从流通股东收入偏好这一新的视角考察了A股上市公司1992￣2002年现金股利的政策模式。通过对派现的倾向和水平进行模型分析,本研究发现,公司流通股比例越高,股票二级市场流动性与派现倾向,以及资本性收益与派现水平之间的负相关性越显著。这些结果均表明派现政策发挥了红利与资本利得相互替代的作用。分阶段研究还发现上述结果在1997￣2002年度更加明显,表明流通股东收入偏好对现金股利政策的影响正在逐步提高。     

Is corporate payout taxation a long run phenomenon? Evidence from international data

This paper examines whether dividend and capital gains taxation influences corporate payout policy using the country level data of 21 countries in panel versions of time series models. We find that dividend relative to capital gains tax penalty is cointegrated with corporate payouts (dividends and share repurchases) i.e. corporate payout taxation may be a long run phenomenon. Further, the cointegrating vector estimates are largely consistent with the traditional view of dividend taxation whereby the tax penalty discourages dividends, while the estimates give limited support to the premise that firms substitute dividends for share repurchases in response to an increase in dividend tax penalty. Long run causality also operates between the tax penalty and payouts in the error correction models. Additionally, dividend tax appears to be more influential than capital gains tax on dividend payout decisions. Lastly, taxation affects dividends more significantly in countries with high investor protection.     

Earnings quality and corporate payout policy linkages: An Indian context

We investigate the role of accounting quality as an antecedent of dividend payout decision of firms, for both dividend levels and dividend event, in an emerging market context. Using the data for Indian firms through the years 2006–2016, we evaluate the impact of discretionary accruals on payout decision employing Tobit and Logit regression models amid set of idiosyncratic controls. We report that better earnings quality, on average, is associated with large dividend payments for Indian firms. Moreover, the likelihood of dividend payment reduces with poor earnings quality and more so when earnings manipulation is done to increase earnings. Nonetheless, we show that higher earnings quality reduces dividends during the crisis period and also for group-affiliated firms. However, the same doesn’t hold true for dividend likelihood. The relationship is robust to the idiosyncratic controls and the causality test confirms that results are not susceptible to endogeneity issue. Overall, we conclude that better earnings quality takes care of free cash flow problems and alleviates the agency and information asymmetry related costs, thereby stimulating payout policy.     

上市银行现金股利实证研究

本文以沪深两市上市的14家商业银行为研究对象,基于中小投资者保护的角度来分析我国上市商业银行现金股利问题,并选取2006-2010年年报披露的数据进行实证分析。研究结果表明:净资产收益率、股权融资增加额对数都与现金股利支付率负相关。上市银行高收益低回报、重融资轻回报两大问题严重。     

Payout initiation by IPO firms: The choice between dividends and share repurchases

This study evaluates the economics of the choice of form of payout initiation mechanism adopted by IPO firms. Our results suggest that IPO firms demonstrate a preference for repurchases over dividends as the specific form of payout initiation mechanism. We however, find that while the market views post-IPO payout initiations favorably, it is indifferent to the specific form of payout mechanism adopted. Further, we find that dividends and repurchases represent distinct payout mechanisms adopted by IPO firms with fundamentally different characteristics and motivation to initiate payouts during the post-IPO phase. Our results suggest that while dividend initiations are primarily driven by life cycle and catering theory considerations, signaling theory provides the more likely explanation for payout initiations through share repurchases.     

金字塔结构特征对上市公司现金股利政策的影响

以2004年至2010年715家上市公司为样本,构建面板数据模型研究我国金字塔结构特征对上市公司现金股利政策的影响,结果表明:控制权、现金流权与现金股利支付倾向及支付力度显著正相关;两权分离度与现金股利支付力度显著负相关;金字塔结构较复杂、终极控制人具有集团性质时,现金股利支付倾向与支付力度较低;现金股利支付倾向受终极控制人产权性质影响。     

On the financial characteristics of firms that initiated new dividends during a period of economic recession and financial market turmoil

The initiation of new dividends and increases in dividend payout ratios occur infrequently because once initiated it would be expected by most investors that the new dividends will be maintained. Dividend announcements are said to have informational content concerning the value of the firm, and financial signaling theory would lead investors to conclude that the initiation of new dividends is an indication that the firm expects increased cash flows in the future. Thus, unless the initiation is identified beforehand as a special dividend resulting from unanticipated cash inflows, it is difficult to reverse the action without having an adverse effect on the value of the firm. In periods of economic recession and financial turmoil most firms conserve cash and the initiation of new dividends or increases in the dividend payout ratio in such periods are extraordinary and noteworthy. The purpose of this study is to provide a financial analysis of those firms described by Value Line as having initiated or increased the dividend payout ratio in the most recent period of economic recession and financial market turmoil. Specifically, the analysis will test for significant differences in the financial profiles of those firms that initiated new dividends in such a period, and companies selected at random but from the same industries. A unique financial profile is established for the dividend initiating firms, and it is suggested that the profile may be used to identify firms that will initiate new dividends in future periods of economic downturn. As in previous studies of this nature Multiple Discriminant Analysis is used.     

The dividend policies of all-equity firms: A direct test of the free cash flow theory

This paper finds support for Jensen's (1986) hypothesis that dividends and debt are substitute mechanisms for controlling the agency costs of free cash flow. We find that dividend payout ratios of a sample of all-equity firms are significantly higher than those of a control group of levered firms. Further, within the group of all-equity firms, firms with lower managerial holdings have higher payout ratios. These results hold after controlling for free cash flow and growth rates. Overall, our evidence suggests that dividends and managerial ownership are substitute mechanisms for reducing agency costs in all-equity firms.     

LIFO adoption and dividend payout

Adoption of the LIFO inventory costing method tends to decrease reported earnings but increases cash flows to adopting firms. This study examines the change in dividend payout ratios (cash dividends divided by earnings) accompanying LIFO adoption. The question addressed is whether adopting firms likely paid out incremental cash flows or retained them to the benefit of management. The evidence suggests that managers and directors adjusted payout ratios to partially offset the negative earnings effect of LIFO. The adjustments made were not sufficient in magnitude to achieve a neutral LIFO effect on dividend payout, and the net result was the retention of incremental cash flows generated by LIFO adoption.     

Not paying dividends? A decomposition of the decline in dividend payers

Current payout policy literature contends that firms’ propensity to pay dividends declined between 1978 and 1998. Using the Oaxaca decomposition methodology, we measure changes in the propensity to pay dividends between 1978 and 1998. Results suggest that firms today have only a slightly lower propensity to pay dividends. Furthermore, when we also categorize firms that use stock repurchases as dividend payers, we find that 100% of the decline in the proportion of dividend payers can be explained by changes in firm characteristics only. The difference is that firms that firms are now repurchasing stock instead of paying dividends.