摘要
本文以2003-2010年深市A股上市公司为研究样本，采用面板数据logit模型和robit模型，从信息披露的角度实证检验了上市公司股利政策与公司治理机制之间的关系。本文研究发现：上市公司现金股利支付倾向和支付水平均与信息披露质量显著正相关；信息披露质量较高的上市公司，现金股利支付水平与其成长性显著负相关，而信息披露质量较差的上市公司并不存在这种关系。本文的研究结果表明我国上市公司现金股利政策是公司信息披露质量提升的结果，信息披露质量的提升有助于增强上市公司现金股利支付意愿，提高上市公司现金股利支付水平。
Based on Shenzhen A share listed companies during the period 2003-2010, this paper provides an empirical analysis of the relationship between corporate dividend policy and financial accounting information disclosure by introducing a panel logit model and a panel tobit model. We find that firms with better disclosure quality have stronger desire and higher level of cash dividend payout, they are positively correlated. Furthermore, this paper presents evidence that the dividend payout ratios are negatively correlated to the growth of firms with well disclosure quality, but this relationship doesn＇t exist in the firms with bad disclosure quality. In general, our results are consistent with the notion of＂outcome model＂ of LLSV （2000）. In other words, dividend policies of Chinese listed companies should not be the substitution of but the outcome of information disclosure.
出处
《证券市场导报》
CSSCI
北大核心
2013年第1期29-36,共8页
Securities Market Herald
基金
上海市高校"085工程"项目(编号:Z08512022)
上海市教委第5期重点学科金融学建设项目(编号:J51201)
关键词
公司治理
信息披露
股利政策
现金股利
corporate governance, information disclosure, dividend policy, cash dividend
