上市公司现金股利派发的财务效应研究——兼论现金股利代理成本理论的适用性  

The Financial Effect of Cash Dividend Distribution in Listed Companies : The Applicability of Cash Dividend Agency Cost Theory

作　　者：谢赤[1,2] 闫荣城[1] 欧辉生[1] 

机构地区：[1]湖南大学工商管理学院,湖南长沙410082 [2]湖南大学金融与投资管理研究中心,湖南长沙410082

出　　处：《湖南大学学报（社会科学版）》2012年第4期49-55,共7页Journal of Hunan University(Social Sciences)

基　　金：国家社会科学基金重点资助项目(07AJL005);全国高校青年教师奖励基金资助项目(教人司2002[123]);教育部人文社会科学规划项目(09YJC630063);教育部博士点专项科研基金资助项目(20070532091);教育部创新团队项目(IRT0916);湖南省自然科学基金创新群体项目(09JJT02);湖南省社会科学基金项目(09YBA037)

摘　　要：中国上市公司现金股利分配的特殊性,决定了其不同于一般的企业财务效应:派发现金股利后企业盈利能力和资产管理能力显著增强,偿债能力显著降低,发展能力变化不显著;企业盈利能力增长幅度与现金支付率呈正比关系,但股权集中程度弱化了现金股利对企业盈利能力的影响。The particularity of cash dividend distribution of Chinese listed company determines its fi- nancial effects are different from that of others. Enterprises＂ profitability and asset management ability sig- nificantly improve while solvency ability significantly drops, and development ability does not change sig- nificantly after distributing cash dividend. There is a significant positive relationship between enterprises＇ profitability increase magnitude and dividend payment rate. However, the ownership concentrated degree weakens the positive effect of cash dividend distribution on enterprises＇ profitability.

关 键 词：现金股利 财务效应 现金股利代理成本理论 

分 类 号：F830.91[经济管理—金融学]