我国医药类上市公司生命周期与股利支付率的实证研究

传统的公司财务理论框架中，股利政策与投资决策和融资决策被视为公司财务理论的三大支柱．同市场经济成熟国家的上市公司相比，我国的上市公司股利政策更具有复杂性，股利分配的不规范行为相当普遍．为了了解当上市公司处于不同的生命周期阶段时，是否会结合内外环境因素，制定不同的股利分配政策．本文采用实证研究方法，以1996-2005年我国医药类上市公司为研究样本，对上市公司在各个生命周期阶段的股利支付率的实际情况进行实证检验，明确差异，探寻差异根源，提出政策建议．

The empirical testification on China's pharmaceutical listed company's lifecycle and dividend payrate

In the traditional frame of company finance theory, dividend policy, investment policy and financing theory are considered as three mainstays. Compared with the listed companies in high market-economy countries, the dividend policy made by China＇s listed companies remains complicated and also irregularity in dividend distribution remains ubiquitous. In order to understand whether the listed company in different lifecycle phases will set up various dividend distribution policy combined with inside and outside environment factors, the thesis, based on the research sample of China＇s pharmaceutical companies from 1996-2005, makes empirical testifieation towards the practical situations of dividend payrate in different phases, and makes clear of the differentiation and its origin, and thus puts forward effectual policies and suggestions.