现金股利研究的新视角:基于企业生命周期理论

论文选取2000～2006年A股非金融行业上市公司为样本,首先采用专门方法来区分企业所处的生命周期阶段,然后采用多元回归、参数检验、非参数检验来检验上市公司是否会根据企业所处的生命周期阶段调整其现金股利政策,不同生命周期阶段的企业在现金股利支付意向及现金股利支付率是否存在显著差异.结果表明,我国上市公司的确会基于不同的生命周期采取不同的股利政策,但会受到证监会配股增发政策的影响.

New Research Perspective of Cash Dividend:Firm Life-Cycle Theory

Based on firm life cycle theory,this paper examines the cash dividends policy of listed companies in China.We consider two aspects of dividend policy,the propensity to pay cash dividend,dividend paying ratio,and examine whether firm life cycle theory can explain the dividend policy of Chinese listed companies over the period 2000 to 2006.We find that a firm's life cycle has significant influence on its dividend policy.However,it's also affected by some equity offering conditions.