现金股利政策对中国金融上市企业价值影响的实证研究

An Empirical Study on the Effect of Cash Dividend Policy on the Value of China's Financial Listed Companies

陈穗君(Suijun Chen) ； 陈保丞(Paocheng Chen) ； 李笑强(Xiaoqiang Li)

《The 2nd China-ASEAN International Conference 2020 & The 2nd International Conference on Tourism, Business, & Social Sciences 2020:Insight to China and ASEAN's Wellness, Tourism, & Innovation》 2020 (2020/04) Pp. 182-192

https://doi.org/10.6947/caicictbs.202004.0018

摘要

股利政策反映了上市企业的经营成果，同时也对公司形象有一定影响。本文通过完善中国金融上市企业的现金股利政策与其价值之间的关系模型，利用中国金融上市企业2016－2018年的135笔数据进行实证分析。结果显示，支付现金股利会导致企业价值提高，支付现金股利与企业价值成正相关关系；同时，企业的现金股利支付率与其价值成正相关关系，且表现出倒U型关系。最终，为中国金融类上市公司如何合理制定股利政策从而提升自身价值的角度出发提出一些建议：一是提高获利水平，二是适当提高股利支付水平，三是通过立法来保证企业对股利分配制度的严格执行。

關鍵字

金融类上市公司 ； 现金股利政策 ； 企业价值

並列摘要

Dividend policy reflects the listed companies operating results and behavior, but also the external image of the company have a certain impact. This paper constructs the relationship between cash dividend policy and corporate value of listed companies in China, and makes an empirical analysis using the data of 135 listed financial companies in China from 2016 to 2018. The results show that the payment of cash dividends will lead to the improvement of corporate value and the payment of cash dividends in relation to the value of the firm. At the same time, the cash dividend payout ratio of the firm is positively correlated with its value and shows the inverted U-type relationship. Finally, on the basis of summarizing the research results, some concrete suggestions are put forward for how to set up the dividend policy of China's financial listed companies to improve their own value : first, to improve the profitability of financial listed companies, The second is to appropriately increase the level of dividend payment, and the third is to ensure the strict implementation of the dividend distribution system by legislation.