摘要
上市公司现金股利政策是现代财务学的核心问题之一,而我国创业板与主板在上市公司规模、企业类型、上市条件、投资者准入等方面存在显著差异,因此采用2011年的截面数据,以深交所创业板和主板上市公司为样本公司,从企业治理结构和财务特征来分析两大板块现金股利政策的差异,发现企业的股权集中度、偿债能力、盈利能力、流动性对于两板企业的现金股利的发放是显著相关的,公司规模、公司政策对两板市场都不具有显著影响,成长性因素对于创业板企业是一个显著因子,而对主板企业现金股利为非显著因素。
Listed companies＂ cash dividend policy of modern finance is one of the core issues. There are significant differences among the size of our GEM and Main Board listed company, the type of bus- iness, market conditions, investor access, etc.. By using 2011 cross-sectional data from Shenzhen Stock Exchange GEM and Main Board listed companies as the sample company, from the corporate governance structure and financial characteristics to analyze the two plates of the cash dividend policy differences, it is found that the company ownership concentration, solvency, profitability and liquidity for two board business cash dividend payment are significantly related to company size and the compa- ny policies on two plates market will not have a significant impact. Growth factors for GEM compa- nies are significant factors, while the motherboard business cash dividends are non-significant factor.
出处
《河北科技大学学报（社会科学版）》
2013年第3期9-17,共9页
Journal of Hebei University of Science and Technology:Social Sciences
基金
江苏省泰州市级课题(SSF2013013)
关键词
创业板企业
主板企业
现金股利政策
财务特征
治理结构
GEM
Main Board
cash dividends per share policy
financial characteristics
govern- ance structure
