上市银行现金股利实证研究

本文以沪深两市上市的14家商业银行为研究对象,基于中小投资者保护的角度来分析我国上市商业银行现金股利问题,并选取2006-2010年年报披露的数据进行实证分析。研究结果表明:净资产收益率、股权融资增加额对数都与现金股利支付率负相关。上市银行高收益低回报、重融资轻回报两大问题严重。

Empirical Study of Cash Dividends of Listed Banks

The paper studies 14 commercial banks listed in Shanghai and Shenzhen stock markets,and analyzes the issue of cash dividends in China’s commercial banks from the perspective of protecting young investors.We select data from annual reports during 2006-2010 to conduct empirical analysis.The findings indicated: Return on net assets and cash dividend payout ratio negatively correlated.The increase of the amount of equity financing and cash dividend payout ratio negatively correlated.The listed banks have high income but low repayment,and high finances but low repays.