股票流动性与现金股利——基于中国A股上市公司的实证检验  

Stock Liquidity and Cash Dividend——An Empirical Test of A-share Listed Companies in China

作　　者：谭春枝[1] 梁翠云 耿晓旭 TAN Chun-zhi;LIANG Cui-yun;GENG Xiao-xu(Business School,Guangxi University,Nanning 530004, China)

机构地区：[1]广西大学商学院,南宁530004

出　　处：《哈尔滨商业大学学报（社会科学版）》2020年第4期32-45,93,共15页Journal of Harbin University of Commerce:Social Science Edition

基　　金：国家自然科学基金项目“政治关联与企业债券违约风险:形成机理及其经济后果”(71963001);广西高校人文社会科学重点研究基地“广西发展战略研究院”课题成果。

摘　　要：股票流动性对现金股利具有重大影响。以2006—2017年中国A股上市公司为样本进行实证研究,发现股票流动性与现金股利呈显著负相关,即股票流动性越高,上市公司的现金股利支付意愿越弱、支付力度越小。进一步根据公司所有权性质进行分组后发现,股票流动性与国有控股上市公司及非国有控股上市公司的现金股利分配均呈现负相关关系,即股票流动性对现金股利的影响并不会因公司所有权性质的不同而存在显著差异。Stock liquidity has a significant impact on cash dividends.Based on the empirical study of China's A-share listed companies in 2006-2017,this paper finds that the stock liquidity is negatively correlated with cash dividends,that is,the higher the stock liquidity is,the weaker the willingness to pay cash dividends of listed companies is,and the smaller the payment intensity is.After further grouping according to the nature of corporate ownership,it is found that stock liquidity has a negative correlation with the cash dividend distribution of state-owned and non-state-owned listed companies,that is to say,the impact of stock liquidity on cash dividend will not be significantly different due to the different nature of corporate ownership.

关 键 词：股票流动性 现金股利 所有权性质 

分 类 号：F832[经济管理—金融学]