超募资金、成长性与创业板上市公司现金股利

长期以来,股利政策作为公司理财活动的重要内容之一,一直是中外理论界和实务界研究和探讨的热点。本文结合国内外相关文献及股利理论,以2009年至2012年创业板上市公司为样本,对创业板上市公司的现金股利政策进行了分析。研究发现,创业板上市公司发放现金股利与超募水平正相关,与公司成长性负相关。     

超募资金、成长性与创业板上市公司现金股利

长期以来,股利政策作为公司理财活动的重要内容之一,一直是中外理论界和实务界研究和探讨的热点。本文结合国内外相关文献及股利理论,以2009年至2012年创业板上市公司为样本,对创业板上市公司的现金股利政策进行了分析。研究发现,创业板上市公司发放现金股利与超募水平正相关,与公司成长性负相关。     

我国创业板上市公司股利分配研究

创业板上市公司如何合理地进行股利分配具有十分重要的意义.本文在分析目前国内外股利分配的研究现状基础上,对创业板上市公司年报的内容进行整理,设置股利分配影响因素指标,分别选取69家连续三年分配股利和223家2011年数据有效的创业板上市公司,以描述性统计和实证分析的方法得出我国创业板上市公司股利分配的特征及与其显著相关的影响因素.     

我国农业上市公司现金股利政策影响因素研究

本文选取农业上市公司现金股利分配行为作为研究对象,以我国沪深两市在2010~2014年发行的A类农业类公司的现金股利分配数据为研究样本,分析研究影响农业上市公司现金股利分配水平的因素,通过实证分析发现每股收益、主营业务利润率、总资产周转率、总资产增长率、市盈率和经济发展速度对农业上市公司现金股利政策有显著影响,最后从农业上市公司自身角度对规范证券市场现金股利分配秩序提出相关建议。     

股权分置改革、控股股东与现金股利——来自中国上市公司的证据

本文以2003-2007五年间存在控股股东的分红上市公司为研究样本,采用多变量回归分析方法对股权分置前后上市公司现金股利政策进行了比较研究。实证研究结果表明,股权分置改革前,上市公司每股现金股利与控股股东持股比例正相关,支持现金股利的"侵占"假说;股权分置改革后,存在控股股东的上市公司现金股利支付水平下降,并且每股现金股利与控股股东持股比例的正相关系显著减弱,从而证实股权分置改革后现金股利的"隧道"效应减弱。     

信息披露、公司治理与现金股利政策——来自深市A股上市公司的经验证据

本文以2003~2010年深市A股上市公司为研究样本,采用面板数据logit模型和tobit模型,从信息披露的角度实证检验了上市公司股利政策与公司治理机制之间的关系。本文研究发现:上市公司现金股利支付倾向和支付水平均与信息披露质量显著正相关;信息披露质量较高的上市公司,现金股利支付水平与其成长性显著负相关,而信息披露质量较差的上市公司并不存在这种关系。本文的研究结果表明我国上市公司现金股利政策是公司信息披露质量提升的结果,信息披露质量的提升有助于增强上市公司现金股利支付意愿,提高上市公司现金股利支付水平。     

盈余管理与现金股利政策——来自中小板上市公司的经验证据

本文以2005~2012年间2049个中小板上市公司为样本,实证检验中小板上市公司盈余管理与现金股利政策之间的关系。研究发现,中小板上市公司的盈余管理行为与现金股利政策之间存在显著地负相关关系,即中小板上市公司的盈余管理程度越低,相应的现金股利分配力度与现金股利分配倾向都会越高。     

创业板上市公司现金股利政策影响因素研究

创业板市场的特征决定了其上市公司股利分配政策的独特性。本文从大股东控制、公司成长性、公司自身的结构性特征等三方面研究创业板公司股利分配水平的公司内部决定因素,得出我国创业板上市公司股利分配与盈利能力、资金充足率、公司成长性等因素显著相关,而与公司股权集中程度无显著关系。     

盈余管理与现金股利政策——来自中小板上市公司的经验证据

本文以2005²012年间2049个中小板上市公司为样本,实证检验中小板上市公司盈余管理与现金股利政策之间的关系。研究发现,中小板上市公司的盈余管理行为与现金股利政策之间存在显著地负相关关系,即中小板上市公司的盈余管理程度越低,相应的现金股利分配力度与现金股利分配倾向都会越高。     

财务柔性、股权激励对现金股利政策的影响

以2017—2021年沪深A股上市公司的数据为样本,对财务柔性、股权激励与现金股利政策之间的相互关系进行实证研究。结果表明：财务柔性储备可以提高公司的现金分红水平,对现金股利分配具有积极影响;股权激励与现金股利政策存在显著的正相关关系,并且对财务柔性与现金股利政策的关系起推动作用。     

Payout Policy Tax Clienteles,Ex‐dividend Day Stock Prices and Trading Behavior in Germany: The Case of the 2001 Tax Reform

This paper examines the impact of the German 2001 tax reform, where Germany switched from a full imputation system to a classical system. Theory suggests that both price drop ratios and trading volume decrease following the reform. We document a significant reduction in the valuation of net dividends–in particular for high dividend yield stocks–and weakening payout policy tax clienteles. Ex‐dividend day returns are likely to be driven by short‐term traders. Though the reform removed incentives for cross‐border dividend stripping and reduced tax heterogeneity among investors, we show that the high trading volume around ex‐dividend days persists.     

不同收益水平上盈余信息与股利政策的交互关系研究

以沪深上市公司为样本,检验盈余信息和股利政策在不同收益上的解释作用,并深入研究盈余信息分别与现金股利、股票股利和多种分配方案等三个层面的股利政策的交互关系。结果表明:在大多数收益水平上,盈余信息和股利政策显著影响市场收益水平,而且二者之间存在显著的交互关系。具体而言,现金股利变化与盈余变化在不同收益水平上具有不同的交互影响;而股票股利与盈余信息的交互影响在各收益水平上均不十分突出;多种分配方案中的"综合政策"与盈余变动在各收益水平上表现出较大的正向交互影响。     

Family control,institutional environment and cash dividend policy: Evidence from China

Using a sample of 1486 Chinese A-share listed companies for the period 2004–2008, this study empirically tests the impact of family control, institutional environment and their interaction on the cash dividend policy of listed companies. Our results indicate that (1) family firms have a lower cash dividend payout ratio and propensity to pay dividends than non-family firms; (2) a favorable regional institutional environment has a significant positive impact on the cash dividend payout ratio and propensity to pay dividends of listed companies; and (3) the impact of the regional institutional environment on cash dividends is stronger in family firms than in non-family firms. Somewhat surprisingly, we find that controlling family shareholders in China may intensify Agency Problem I (the owner–manager conflict) rather than Agency Problem II (the controlling shareholder–minority shareholder conflict), and thus have a significant negative impact on cash dividend policy. In contrast, a favorable regional institutional environment plays a positive corporate governance role in mitigating Agency Problem I and encouraging family firms to pay cash dividends.     

A REGRET-THEORETIC EXPLANATION OF CORPORATE DIVIDEND POLICY

This paper uses Regret Theory to explain some survey results on managers' dividend policy decisions under uncertainty. Regret Theory suggests that when an individual chooses an action from a number of uncertain alternatives, his decision is influenced by the potential post-decision regret (pride) he feels on his inabilty (ability) to select the option with the best outcome. Based on this premise, we argue that (1) the decision to pay dividends and simultaneously raise venture capital from external sources is attributable to managerial aversion for regret at the failure of a risky investment opportunity implemented with internal funds generated by a conservative dividend policy; and (2) the decision to support dividends with borrowed funds when earnings are declining is motivated by the prospect that an improvement in the firm's financial condition will make the managers proud that their judgment has helped avert a potential crisis for the firm without any wealth loss to its shareholders.     

现金股利研究的新视角:基于企业生命周期理论

论文选取2000～2006年A股非金融行业上市公司为样本,首先采用专门方法来区分企业所处的生命周期阶段,然后采用多元回归、参数检验、非参数检验来检验上市公司是否会根据企业所处的生命周期阶段调整其现金股利政策,不同生命周期阶段的企业在现金股利支付意向及现金股利支付率是否存在显著差异.结果表明,我国上市公司的确会基于不同的生命周期采取不同的股利政策,但会受到证监会配股增发政策的影响.     

The impact of government ownership on dividend policy in China

We investigate the impact of State ownership on Chinese corporate dividend policy. We find that Chinese firms' dividend payout rates respond fairly quickly to earnings changes, and the average actual payout ratio for Chinese firms falls between the payout ratios for emerging-market and developed firms. These results are consistent with the dividend policies of developing economies in general. We also find that dividend payouts among dividend-paying firms, and the likelihood that a firm will pay a dividend, are increasing in State ownership. Our findings are consistent with the State's need for cash flow as a partial motivation for continued State ownership of a significant portion of the corporate economy, and support the agency and tax clientele explanations for dividend policy.     

Stock liquidity and dividend policy: Evidence from an imputation tax environment

This paper investigates the impact of stock market liquidity on firms' dividend payout policy in the Australian market. The finding suggests that stock liquidity positively relates to firm dividend payouts. The result holds after controlling for different model estimations and different measures of stock liquidity/dividend. To address endogeneity issue, I use the removal of broker identities by the ASX in 2005 as an exogenous shock to stock liquidity. The result suggests that there is an increase in stock liquidity around this shock, leading to an increase in firm dividend, suggesting a causal effect of stock liquidity on firm dividend. I further document that stock liquidity enhances firm dividend through reducing cash-flow volatility and the effect of stock liquidity on firm dividend is weaker for firms reporting imputation tax credit.     

Taxes and dividend policy under alternative tax regimes

This paper examines changes in corporate dividend policy around the introduction of a dividend imputation tax system. This represented a significant change to the Australian tax framework and allows us to test the effect of differential taxation on corporate dividend policy. Consistent with the tax preference for the distribution of dividends, we find dividend initiations, all dividend payout measures and dividend reinvestment plans increased with the introduction of dividend imputation. Similarly we find that gross dividend payouts are more volatile under dividend imputation. Finally, we find that the increase in dividend payout and initiations differs across firms. In particular, we find that the higher the level of available franking tax credits the higher the firm's gross dividend payout and the more likely the firm is to initiate a dividend.     

Carbon risk and dividend policy: Evidence from China

Using a large sample of Chinese listed industrial firms from 2009 to 2019, this study investigates the effect of firm-level carbon risk on dividend policy. We find that carbon risk has a significant and negative impact on a firm's dividend payout level. We also find that when firms' capability in innovation is stronger, the degree of earnings uncertainty is higher, a firm belongs to high‑carbon industries, the negative relationship between carbon risk and dividend payout level is more significant. Furthermore, financial constraints and cash holdings are two underlying channels through which carbon risk affects cash dividend payouts. Our findings remain consistent across several robustness checks.     

Dividend Policy in Switzerland

The paper examines dividend policy for a sample of Swiss companies. Several factors that determine cross-sectional variations in dividend policy – such as profitability, growth opportunities, and riskiness – are identified. Price volatility seems to stand out as the most significant factor. Looking at the relationship between dividends and earnings over time, dividend changes are more closely linked to past and current rather than future net income growth. However, they do confirm a persistent shift in the level of earnings. There is also a significant relationship between losses and dividend cuts. These findings suggest that it is the managers’ reluctance to cut dividends that gives informational content to dividend changes.