中国证券市场股利分配现象的盈余二维度探析——基于上市公司历史数据的经验证据  

A Two-dimension Analysis on Dividend Distribution of Stock Market in China——Based on Empirical Evidence of Historical Data of Listed Companies

作　　者：田中禾[1] 孙权[1] 

机构地区：[1]兰州大学管理学院,甘肃兰州730000

出　　处：《现代财经（天津财经大学学报）》2012年第6期108-118,共11页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：甘肃省自然科学基金资助项目(1010RJZA106)

摘　　要：本文从会计盈余管理及真实交易盈余管理两个维度分别展开论述,以中国证券市场上市公司的历史数据为支撑,利用模型实证检验的结论解释了中国证券市场在股利分配方面存在的独特现象。认为:(1)在其他变量条件不变的前提下,真实交易盈余管理的结果与股利分配成负相关关系;与此同时,真实交易盈余管理的结果与每股股利大于0.5元的高股利分配之间成正相关关系。(2)在其他变量条件不变的前提下,会计盈余管理的结果与股利分配成负相关关系;与此同时,会计盈余管理的结果与每股股利大于0.5元的高股利分配之间同样成负相关关系。In this paper, we make a discussion from the perspectives of accounting earnings management and real-transaction earnings management, based on the historical data of listed companies of stock market in China, by using model empirical tests, we explain the unique phenomenon of dividend distribution of stock market, it shows that, first, under the premise of other variable conditions remaining unchanged, the result of real--transaction earnings management and dividend distribution is negatively correlated At the same time, the result of real-transaction earnings management and high dividend distribution that per share greater than 0.5 is positively correlated. Second, under the premise of other variable conditions remaining unchanged, the result of accounting earnings management and dividend distribution is negatively correlated; At the same time, the result of accounting earnings management and high dividend distribution that per share greater than 0.5 is negatively correlated.

关 键 词：会计盈余管理 真实交易盈余管理 股利分配 

分 类 号：F830.91[经济管理—金融学]