中国上市公司股利分配行业差异的实证研究

本文根据中国证监会<上市公司行业分类指引>对沪深A股上市公司进行的行业分类,比较全面深入地研究了股利分配的行业差异.研究发现:(1)行业是影响中国上市公司股利分配的重要因素之一,上市公司约11%的股份利分配的差异可以由公司所处的行业门类的不同来解释;(2)不同行业上市公司的股利分配具有显著的差异;(3)不同行业之间股利分配的差异具有稳定性.

An Empirical Study on the Industry Peculiarities of Dividend Distribution in China's Listed Companies

According to the industry classification to Shanghai Shenzhen A shares in terms of The Guidance for Industry Classification of Listed Companies by CSRC, this paper studies the industry features of dividend distribution. It is found, 1) Industry (or Trade) is one of the important factors that influences the dividend distribution, and the different industry categories the companies are in may bring about11 percentages of discrepancy in dividend distribution. 2) There is considerable discrepancy among the listed companies from different industries in dividend distribution. 3) The discrepancy is of stability in nature.