中国上市公司股利政策:制度与实务  

Dividend Policy in China:A Revisit

作　　者：陈雪颖[1] 程六兵[2] 刘峰[1,3] Xueying Chen;Liubing Cheng;Feng Liu(School of Management,Xiamen University,Xiamen,Fujian,China 361005;School of Management,Ocean University of China,Qingdao,Shandong,China 266100;Center for Accounting Studies,Xiamen University,Xiamen,Fujian,China 361005)

机构地区：[1]厦门大学管理学院,福建厦门361005 [2]中国海洋大学管理学院,山东青岛266100 [3]厦门大学会计发展研究中心,福建厦门361005

出　　处：《当代会计评论》2024年第1期20-50,共31页Contemporary Accounting Review

基　　金：国家自然科学基金重点项目“数智时代的企业投融资与风险管理”(72232007)的阶段性成果

摘　　要：股利政策是公司财务理论研究的核心话题之一。我国资本市场股利政策不断变化,从早期无管制到后来强制分红,上市公司股利政策也在发生改变,相应的研究包括从最初公司股利政策的决定因素、经济后果,到股利政策的信号效应等。但是,对我国资本市场股利政策的讨论,仍然缺乏对股利基本特征的研究,使得相关结果的支撑不足。本文在总结我国制度背景的基础上,分析了上市公司的股利特征。数据表明,股利政策正逐渐成为一项正式的财务政策。结合股利的市场反应等,研究发现目前股利的信号作用有限。Dividend policy is one of the core topics in corporate finance.The dividend policy in China’s capital market has been changing over time,evolving from no regulation on dividends in the early period to mandatory dividends.The dividend policy of listed companies is changing accordingly.Research on dividends ranges from determinants and economic consequences of initial dividend policy to the signaling effect of dividends.However,the lack of understanding of dividend characteristics undermines the validity of existing research findings in the context of China’s capital market.This study investigates the dividend characteristics of listed companies under the institutional background of China.We find that dividend policy has become a formal financial policy in Chinese listed companies.Further analysis on market reactions to dividend announcements indicates little signal effect of dividends.

关 键 词：股利政策 信号理论 股利平稳性 

分 类 号：F279[经济管理—企业管理]