盈余变动下的公司股利政策

运用非参数检验和多元逻辑斯谛回归等方法对中国上市公司盈余变动下的股利政策及行为进行了实证研究.实证结果表明:盈余变动会影响公司股利政策,当公司每股盈余增加时,公司选择不发放现金股利的概率最大;而当公司每股盈余减少时,许多公司选择不分发现金股利或增加每股现金股利,以向市场传递有关公司具有良好发展前景的信息.

Corporate Dividend Policy Under the Change of Earnings in China

Using non-parameter test and multinomial logit regression, this paper studies the dividend policy and behavior empirically. The results show that the change of the earnings of firms affects their dividend policy. When the EPS of the firms increase, the probability of choosing not to pay cash dividend is maximal, yet when the EPS of the firms decrease, many firms choose not to pay cash dividend or choose to increase DPS, so that the information that the relevant firms have great expectation is transmitted to the market. Furthermore, this paper also finds that the successiveness of the dividend policy of the listed firms in China is not good.