资产专用性与股利政策:基于中国上市公司的证据

基于资产专用性影响资本结构,而资本结构又对股利政策产生影响的内在机理,实证研究了资产专用性与股利政策的相关性。以沪深两市2000～2007年所有A股上市公司作为初始样本,建立我国上市公司股利政策面板数据模型的回归方程,分别运用二元选择模型、最小二乘法、随机效应模型和固定效应模型对回归方程进行估计。实证结果表明,资产专用性与支付现金股利倾向、支付力度负相关,但与股票股利政策不存在显著关系。本研究为理解我国上市公司的股利政策提供了一种崭新的视角。

Asset Specificity and Dividend Policy:Evidence Based on the Listed Companies in China

Based on the inherent mechanism in which asset specificity has on capital structure,whichm,in turn,has an effect on dividend policy,this paper explores the relationship between asset specificity and dividend policy.All A-share listed companies in stock markets of Shanghai and Shenzhen from 2000 to 2007 are used as the initial samples to establish the regression model of dividend policy with panel data.Binary choice model,least squares,random effects and fixed effects models are employed respectively.The res...