资本结构啄食理论与公司现金股利决策的实证研究  

An Empirical Research on the Pecking Theory of Capital Structure and Cash Dividend Policy of a Company

作　　者：张飞雁[1] 

机构地区：[1]广西师范大学经济管理学院,广西南宁541006

出　　处：《西部金融》2013年第3期35-38,共4页West China Finance

摘　　要：本文从市场失灵的角度,用资本结构的啄食理论,结合中国上市公司数据,实证研究公司现金股利政策。研究结果表明,我国上市公司的外源融资符合资本结构的啄食理论,但同时受市场不对称信息的干扰。同时,与刚刚起步的公司相比,成熟的公司反而倾向于支付较低的股利并且他们的股利水平较低。From the perspective of market failure, using the pecking theory of capital structure, combined with the data of China＇s listed companies, the paper makes an empirical research on cash dividend policy of a company. The results show that the external financing of listed companies in China conforms to the pecking theory of capital structure, but at the same time, is interfered by the asymmetric market information. At the same time, compared with the companies which have just started, those mature companies are inclined to pay a lower dividend and their dividend level is low.

关 键 词：股利政策 啄食理论 市场失灵 

分 类 号：F830.5[经济管理—金融学]