企业股利分配具有生命周期特征吗？——基于中国上市公司的实证研究

新近出现的股利分配的生命周期理论假说认为，企业根据所处的财务生命周期阶段动态对股利支付进行相机抉择，并且公司的股利分配呈现生命周期特征。以该理论为基础，本文使用1993—2006年间的中国上市公司股利分配数据，运用Logit回归模型进行了实证检验。结果发现，我国上市公司的现金股利支付概率和股票股利支付概率均与企业留存收益与投入资本之比呈显著正相关。这一结果表明，股利支付的生命周期理论对我国上市公司股利政策具有较强的解释力，我国上市公司的股利分配呈现生命周期特征。

Is there a Life-cycle Characteristic of a Firm's Dividend Payout——An Empirical Research Based on the Sample of China's Listed Companies

The life-cycle theory of dividend payout thinks that a firm pays out dividend according to its stage in financial life-cycle and dividend payout is characterized by life-cycle stages. Based on this theory, this paper uses Logit regression model, use the sample of China's public company dividend policy during the period of 1993-2006, and make an empirical test. It is shown that both the probability of cash dividend payout and the probability of stock dividend payout are all positively related to the ratio of...