创业板上市公司股利分配研究

本文以截止2010年4月30日79家创业板上市公司为对象,以实证分析的方法研究创业板上市公司股利分配。结论显示,创业板上市公司股利分配与第一大股东持股比例之间没有显著关系;公司成长性对现金股利发放水平有抑制作用;公司盈利能力、货币资金充足率及盈余积累水平对公司现金股利分配水平有显著影响。本文的研究表明,创业板公司股利分配行为不支持股利迎合假说及利益输送假说,公司股利分配在一定程度上反映了公司的组织结构特征。

Dividend policy:explanation of corporations listed on Chinext

This paper empirically studies dividend policy of 79 corporations listed on Chinext by April 30,2010.The results suggest that the biggest Shareholder has no significant impact on companies' dividend policy.The paper also finds that corporate growth opportunity is able to weaken companies' incentives to distribute cash and organizational characteristics have significant impact on companies' dividend policy.The conclusion is that Catering Theory and Tunneling Theory can not explain the dividend policy of corp...