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。

Analysis of Cash Dividend Distribution for Listed Companies

This article analyses the cash dividend distribution of Chinese A-share listed companies in 2001-2005 from two aspects: quantity and quality. We find that, in quantity, after 2002, the number of companies who distributed cash dividend reduced a bit to about 50%, which may be attributed to some policy factors and the companies' factors themselves; in quality, Chinese A-share listed companies have the action of cash dividend distribution exceeded their ability markedly, but at the same time, the ratio of the number of companies whose rate of return on stocks is greater than risk free rate ascended rapidly, which may explain Chinese security market is getting more and more rational from another point of view.