摘要
一些公司的经营业绩十分漂亮,却不给投资者分红,引起了投资者的不满。为了检验"漂亮的业绩,糟糕的分红"的现象是否属实,本文选取2004～2008年所有A股上市公司作为研究样本,以上市公司每一年度的累计单位分红作为被解释变量,以公司经营业绩指标和成长性指标作为解释变量,发现解释变量与被解释变量是显著正相关的。实证结果表明,总体上上市公司业绩越好分红越多,上市公司成长性越好分红也越多,中国的大部分上市公司并不是一毛不拔的"铁公鸡"。
Some companies’ operating performance is good,but they do not pay investors dividends.In order to test the ＂Good performance,Bad dividend＂ phenomenon,this paper chooses all listed A-share companies from 2004 to 2008 as samples,uses annual cumulative unit dividend as the dependent variable,and performance and growth indicators as the independent variables.Empirical results reveal that performance and dividend are significantly positively correlated.The better performance means the more dividends and the higher growth means the more dividends.Listed companies are not the ＂Stingy Chicken＂ at all in China.
出处
《证券市场导报》
CSSCI
北大核心
2010年第6期45-50,共6页
Securities Market Herald
关键词
经营业绩
上市公司
股利政策
公司红利
Operating performance
listed companies
dividend policy
company dividends
