我国上市公司股利政策有效性实证研究

本文运用回归分析方法,分析了我国上市公司股利政策传递盈利能力的有效性,以及与盈利能力增长的相关性。得出,股利政策尤其是现金股利在一定程度上反映了上市公司盈利的信息,具有一定的信号显示功能。上市公司高派现有助于公司绩效的提高。

Research of the Effectiveness of Chinese Listed Companies' Dividend Policy

The author of this paper analyzed how efficient the dividend policy of listed companies delivers the profitability and exam- ined the relativity between the effectiveness and the increasing of the profitability by employing the Regression Analysis.The conclusion is that the dividend policy,especially the cash dividend,functioned as a signal and reflects the information of the profit for listed companies to a certain extent.The high cash dividend companies can help promote the corporate performance.