竞争加剧背景下我国商业银行的股利分配策略

我国商业银行面临的竞争逐渐加剧。在这样的背景下,商业银行上市后,其股利分配具有非常强烈的信号传递效应,而且,商业银行的股利变动对其他银行的股价行为具有关联影响。另外,新上市银行的首次股利分配的时机选择可以表明银行质量的高低。为了争取在资本市场的竞争优势,我国商业银行上市后需要注重股利分配的信息传递效果,采取平稳的股利分配策略,新上市银行则需要尽快启动股利分配。

The Dividend Distribution Policy of China's Commercial Banks in Fierce Competitive Circumstance

The competition among Chinese commercial banks grows increasingly fierce. Under this circumstance, the dividend policy of commercial banks after IPO would convey strong information. And changes in one bank's divi- dend level would affect other bank's stock price. Moreover, the timing of first dividend distribution is vital to newly listed commercial banks, and it reveals the quality of commercial banks. China's banks should weigh their dividend policy's effect, and announce stable dividend policy. For newly listed banks, setting up dividend policy should be the priority.