摘要
随着经济的发展,上市公司的股利政策成为当下投资者关注的对象,企业的股利政策直接影响投资者的信心以及外界对企业的态度。因此,企业股利政策得到越来越多控股股东的重视。证监会出台了一系列鼓励分红的政策,激励越来越多的上市公司进行分红,现金分红逐渐成为当下股利分配的主流。目前,上市公司的高派现行为盛行,甚至有的公司不顾企业自身的发展情况,出现分红金额大于企业净利润的现象,这无疑增加了企业自身的资金压力及财务风险。因此,上市公司进行高派现的动因及市场反应值得关注和研究。本文以中公教育为研究对象,主要采用事件研究法来分析中公教育2019—2020年异常高派现行为所产生的经济后果。
With the development of the economy,the dividend policy of listed companies has become the focus of current investors.The dividend policy of the company directly affects the confidence of investors and the attitude of the outside world towards the company.Therefore,more and more controlling shareholders pay attention to the corporate dividend policy.The China Securities Regulatory Commission has issued a series of policies to encourage dividends to encourage more and more listed companies to distribute dividends.Cash dividends have gradually become the mainstream of current dividend distributions.At present,the high-spirited behavior of listed companies is prevalent,and some companies even disregard the company's own development,and the amount of dividends is greater than the company's net profit,which undoubtedly increases the company's own capital pressure and financial risks.Therefore,the motivations and market reactions of listed companies for high payouts are worthy of attention and research.This paper takes Zhonggong Education as the research object,and mainly adopts the event research method to analyze the economic consequences of Zhonggong Education's abnormally high school behavior from 2019 to 2020.
作者
张金豆
ZHANG Jin-dou(Sichuan Information Vocational and Technical College,Guangyuan 628000,Sichuan,China)
出处
《江苏商论》
2022年第10期94-96,共3页
Jiangsu Commercial Forum
关键词
高派现
股利政策
现金股利
市场反应
high cash dividends
dividend policy
cash dividends
market reaction
