股权分置改革改善了公司现金分红吗——基于A股制造业数据的检验

经济理论与经济管理 ›› 2012, Vol. 31 ›› Issue (7): 77-83.

股权分置改革改善了公司现金分红吗——基于A股制造业数据的检验

宁青青1, 李仲轶1, 杨宝2

1宿州学院经济管理学院，宿州234000； 2中南财经政法大学会计学院，武汉430073

收稿日期:2012-03-05 出版日期:2012-07-20 发布日期:2012-07-26
作者简介:宁青青（1979—），女，安徽宿州人，宿州学院经济管理学院讲师；李仲轶（1960—），男，安徽凤阳人，宿州学院经济管理学院副院长，副教授；杨宝（1983—），男，安徽合肥人，中南财经政法大学会计学院博士研究生。
基金资助:
宿州学院重点学科项目（SZXYZDXK200902）；中南财经政法大学“博士研究生实践与科研创新课题”

DID SHARE REFORM AFFECT CASH DIVIDEND
POLICY OF CHINESE LISTED FIRMSEvidence from Manufacturing Firms in China's A-share Market

NING Qing-Qing-1, LI Zhong-Yi-1, YANG Bao-2

1.School of Economics and Management, Suzhou University, Suzhou, Anhui 234000,China;
2.School of Accounting, Zhongnan University of Economics and Law, Wuhan 430073,China

Received:2012-03-05 Online:2012-07-20 Published:2012-07-26

摘要/Abstract

摘要： 本文基于股权分置改革前后各年度A股制造业上市公司的数据，实证检验了“股权分置改革”对上市公司现金分红行为的影响。研究发现,股权分置改革前后各年度上市公司现金分红有显著差异，但是，短期来看,股权分置改革对于上市公司现金分红的影响并不显著;长期来看，股权分置改革对上市公司分红水平及分红比率均有显著影响。因此，我国资本市场股权分置改革的完成及股份全流通的实现对于上市公司现金分红的改善及投资者利益的保护具有积极意义。

关键词: 股权分置改革 , 现金分红 , 股利支付率

Abstract: By using the data of manufacturing firms before and after the share reform, this paper studied the effect of the share reform on the cash dividend policy of listed firms in China. The empirical results showed a significantly difference in cash dividend policy before and after the share reform. The share reform of stock market had great influence on both the percentage and volume of cash dividend in the long term.Therefore, the share reform and full circulation of shares would improve the cash dividend policy and protect the investors better.

Key words: share reform , cash dividend , payout ratio

宁青青1, 李仲轶1, 杨宝2. 股权分置改革改善了公司现金分红吗——基于A股制造业数据的检验[J]. 经济理论与经济管理, 2012, 31(7): 77-83.

NING Qing-Qing-1, LI Zhong-Yi-1, YANG Bao-2. DID SHARE REFORM AFFECT CASH DIVIDEND
POLICY OF CHINESE LISTED FIRMSEvidence from Manufacturing Firms in China's A-share Market[J]. Economic Theory and Business Management, 2012, 31(7): 77-83.