摘要
由于股利政策能够传递信号,因此上市公司会充分利用股利政策的这种作用。在同行业上市公司的激烈竞争中,股利政策的制定也存在激烈的竞争,以传递公司的内部信息。我们的实证研究结果表明,白酒行业的上市公司在制定股利政策时,存在着竞争性。表现为,公司的股利支付率与业绩不相关、股利支付变化率与业绩变化不相关,但公司间的股利分配标准却高度一致。竞争性股利政策的存在反映了我国资本市场不成熟的一面,可能给公司带来不利的影响。因此,应该采取多种措施加以完善。
Since the dividend policy has signaling effect,the listed companies will take advantage of this effect.Because of the competition in the listed companies of the same industry,the dividend policy is also competing to transfer the company＇s internal information.Our empirical results show that the liquor industry has a competitive dividend policy.That a listed company＇s dividend payout ratio is not related with the company＇s performance,the change of dividend payments is not re-lated with the rate of change in the performance of the company,but have a high degree of consistency between the divi-dend distribution standards.The existence of a competitive dividend policy reflects the immaturity of China＇s capital mar-ket,it should affect the company adversely.Therefore,we should take a variety of measures to improve.
出处
《江苏师范大学学报（哲学社会科学版）》
北大核心
2014年第6期79-82,共4页
Journal of Jiangsu Normal University：Philosophy and Social Sciences Edition
基金
江苏省教育厅高等学校哲学社会科学基金项目(项目编号:2012SJB630020)
江苏省社科基金项目(项目编号:12EYD017)的阶段性成果
关键词
股利政策
信号传递理论
上市公司
Dividend policy
Signaling theory
listing corporation
