现金股利政策影响因素研究综述

在西方成熟资本市场中,现金分红是上市公司经营管理过程中一项正常的决策行为,也是上市公司最普遍最为常见的股利分配形式.对于上市工资制定现金股利政策的动因,国外学者的实证研究成果主要集中在派现与利润的关系、派现与投、融资的关系、派现与成长机会的关系、派现与行业类别的关系等方面.与国外相对成熟的现金股利政策动因的实证研究相比,目前国内的实证研究还处于起步阶段,且主要集中在公司财务状况影响、股权集中度的影响、政策导向的影响方面.

Research Summary on Influential Factors of Cash Dividend Policy

In Western mature capital market,cash dividend is an ordinary decision behavior of management in listed company,and also the most common form of dividend distribution.As to the motivation of making cash dividend policy,foreign scholars' researches mainly focus on the relationship between cash dividend and profit,and investment and financing,and growth opportunity,and trade classification,etc.Compared with foreign empirical study on relatively mature motivation of cash dividend policy,domestic empirical stud...