长三角地区上市公司股利政策影响因素研究

股利政策是指上市公司税后利润向股东支付股利和企业内部留存收益之间的分配选择。对长三角地区374家上市公司2007～2009年3年的财务数据回归分析发现:当年的EPS、市价、净资产收益率、应收账款周转率、流动比率与现金股利呈正相关,上年股利支付率、资产负债率与现金股利呈负相关;市价、每股净资产与股票股利呈正相关,应收账款周转率与股票股利呈负相关。

Yangtse River Delta listed company dividend policy influence factor research

Dividend policy is a choice on how to distribute the company after tax profit,paying for the investors or withholding in the company.We analyses the annual report data from 374 listed companies in Yangtze River Delta during 2007-2009 with regression analysis.Cash dividend positive factors are EPS,market value,return on net assets,accounts receivable turnover ratio and liquidity ratio.We got that the previous year dividend payout ratio and asset-liability ratio have positive relationship with tock dividends.However,accounts receivable turnover is negative to tock dividends.