股利分配动因与股利决策--基于上市公司股利分配决策的实证分析  

Motivations of Paying out Dividends and Dividend Decisions:A Survey of Dividend Policy in Listed Companies

作　　者：易颜新[1,2] 柯大钢[3] 王平心[1] 

机构地区：[1]杭州电子科技大学财经学院 [2]西安交通大学管理学院,陕西,西安,710049 [3]西安交通大学管理学院

出　　处：《经济管理》2008年第4期45-54,共10页Business and Management Journal ( BMJ )

摘　　要：股利政策对公司价值的影响、信号传递效应、股东财富效应3种股利分配动因与股利决策存在显著的正相关关系,降低代理成本效应对股利决策影响不显著。上市公司管理层股利决策的动因在于通过股利分配政策影响股票价格,传递公司盈利能力和发展前景的内部信息,帮助投资者实现超额收益,增加股东财富。而降低代理成本并不是他们分配股利的目的。Basing on credibility and valid tests for questionnaires, the paper studies how motivations of paying out dividends influence managers＇ dividend decisions by Structural Equation Modeling （SEM）. We discover that there are significant positive correlations among dividend decisions and value effect, informational effect, shareholders＇ wealth effect. While there is little correlation between dividend decisions and reducing agent cost effect. Managers want to pay out dividends to influence market value of firm, and transfer information about firm, and improve shareholders＇ wealth. They don＇t want to reduce agent cost by paying out dividends.

关 键 词：股利决策 股利分配动因 结构方程模型 

分 类 号：F830.91[经济管理—金融学]