摘要
现金股利政策与公司业绩间的关系是理论界与实务界关注的热点问题。选取2010—2016年间中国A股上市公司为研究样本,实证检验了产品市场竞争程度、现金分红水平和公司业绩之间的关系。结果表明,上市公司加大现金分红力度有助于提升业绩,产品市场竞争程度与现金分红水平正相关。进一步考察产品市场竞争程度在现金分红水平与公司业绩之间的调节作用,发现产品市场竞争程度越高的行业,现金分红水平越高,越能提升上市公司业绩。监管层应充分考察行业和公司的异质性,建立科学有效的分红监督机制,促进资本市场健康发展。
The relationship between cash dividend policy and company performance is a hot issue that is concerned by both the theoretical and practical circles. By selecting China＇s A-share listed companies from 2010 to 2016 as research samples, this paper empirically examines the relationship between the degree of product market competition, the level of cash dividends, and the company performance. The results show that to increase the cash dividends by the listed companies can help improve their performance, and that the degree of product market competition is positively correlated with the level of cash dividends. Then it further examines the role of product market competition in adjusting the relationship between the level of cash dividends and the company performance. The findings reveal that if the industry has higher degree of product market competition, its level of cash dividends will also be higher, and the performance of its listed companies can be all the more improved. The regulators should examine the heterogeneity of the industry and the companies thoroughly,establish a scientific and effective dividend supervisory mechanism, and promote the healthy development of the capital market.
作者
刘运
叶德磊
LIU Yun;YE De-lei(East China Normal University,Shanghai 200241,China)
出处
《当代财经》
CSSCI
北大核心
2018年第7期123-132,共10页
Contemporary Finance and Economics
基金
国家社会科学基金重大项目"推进经济结构战略性调整的重点
难点与路径研究"(13&ZD016)
关键词
产品市场竞争
现金分红
公司业绩
资本市场
product market competition
cash dividend
company performance
capital market
