创业板上市公司分配决策误区——基于面板数据的实证  

A Mismatch Problem in Dividend Policy Making of GEM Listed Companies——An Empirical Study Based on Panel Data

作　　者：谢芳[1] 

机构地区：[1]广东农工商职业技术学院

出　　处：《财会通讯（中）》2015年第11期18-20,共3页Communication of Finance and Accounting

基　　金：广东省软科学项目(项目编号:2013B070206055);广东省教育厅教育教学改革项目(项目编号:201401156)阶段性研究成果

摘　　要：分配决策是企业三大基本财务决策问题之一,其根本目标是提高企业价值和满足投资者需求。分析表明,创业板上市公司分配决策存在误区,决策层基于高股利能提高股价的认识,普遍采取了"迎合"市场的分配策略,即分配水平高,现金分配倾向强,人为进行股利平滑;然而市场投资者并不注重现金股利分配,市场股价未对高股利政策做出正面反应。创业板公司的这种分配策略既违背了投资者的偏好,还将对公司成长产生不利影响。The dividend policy making is one of the three basic issues of companies' financial decision-making,which relates with the optimization of capital structure,the growth of enterprise and protection of the interests of investors.Based on a panel dataset,this paper shows,China's GEM listed companies' dividend level and probility of cash dividend are higher than its main board counterpart;decision motivation explore reveals a 'catering' motivation existing in dividend policy making;but the effect analysis display that investors are not optimistic about the cash dividend,further more,cash dividend has a negative impact on company's growth.In a word,there is a mismatch problem existing in GEM listed Companies' dividend policy making.

关 键 词：创业公司 分配决策 实际效果 决策误区 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]