应计利润和现金流量对股利决策影响的实证研究  

An Empirical Study of the Impact of Accrued Profits and Cash Flow on Dividend Policy

作　　者：彭江平[1] 郑琦[1] 

机构地区：[1]湖南大学会计学院,湖南长沙410079

出　　处：《上海金融学院学报》2006年第2期31-36,共6页Journal of Shanhai Finance University

摘　　要：本文首先从理论上分析了应计利润、现金流量对上市公司股利政策的影响作用,并提出了有关这种影响作用的假设;其次利用2003年上市公司的相关数据,验证了现金流量越好的公司越倾向于发放现金股利,应计利润越多的公司越倾向于发放股票股利。研究表明,股利可以起到一定信号传递的作用,特别是现金股利,可以帮投资者甄别品质不同的公司,促进上市公司的优胜劣汰,提高投资效益。This paper investigates the effect of accounting accrued and cash flow from operating （CFO） on the dividend policy of the Chinese listed companies. Using the data of 2003 we find that the companies with more accrued tend to pay stock dividends and the companies with better CFO prefer to pay cash dividends. The dividend policy can convey some information to help the investors tel the well companies from those who might have manipulated their earnings.

关 键 词：应计利润 现金流量 

分 类 号：F235.19[经济管理—会计学]