公司价值:现金分红还是股票回购?  

Firm Value:Cash Dividend or Stock Buyback?

作　　者：罗炜[1] Luo Wei

机构地区：[1]北京大学光华管理学院

出　　处：《管理会计研究》2024年第1期40-51,共12页MANAGEMENT ACCOUNTING STUDIES

摘　　要：在我国监管机构不断完善上市公司现金分红与股票回购制度的背景下,本文分析我国上市公司现金分红与股票回购的现状,探讨现金分红与股票回购的策略与公司价值的关系。基于1999—2022年我国上市公司的现金分红与股票回购数据,本文发现:现金分红与股票回购都能提升上市公司的市净率,但高现金股利支付率(尤其是超过30%的时候)会损害公司价值,央企体系企业及非国有上市公司单独采用现金分红最佳,而央企体系之外的国有企业单独采用股票回购最佳。这些分析结果,能为上市公司调整其现金分红与股票回购策略提供重要参考。As Chinese regulators continue improving policies on cash dividend and stock buyback by A share listed firms,this paper analyzes payout policies of A share listed firms,and examines the relation between payout policies and firm value.Based on the data between 1999 and 2022,this paper finds:both cash dividend and stock buyback can improve a firm’s price to book ration,but high dividend payout ratio(especially higher than 30%)hurts firm value;firms controlled by Chinese central government and non-state-owned firms have highest firm value when paying cash dividends alone,while other state-owned firms are better off to repurchase shares alone.The results have important implications for A share listed firms to adjust their payout policies.

关 键 词：现金分红 股票回购 现金股利支付率 

分 类 号：F832.51[经济管理—金融学] F275