CAJ | 학술논문

以2009-2013年发放股利的纺织服装业数据为样本，实证研究纺织服装企业中股利政策对公司价值的影响。结果表明在纺织服装企业中，每股股利与公司价值成正比，且通过了显著性检验，而股利支付率与公司价值成反比，没有通过检验。同时，相对于股权制衡低的企业，在股利制衡高的企业中，股利政策对公司价值的影响更加显著。
이2009-2013년발방고리적방직복장업수거위양본，실증연구방직복장기업중고리정책대공사개치적영향。결과표명재방직복장기업중，매고고리여공사개치성정비，차통과료현저성검험，이고리지부솔여공사개치성반비，몰유통과검험。동시，상대우고권제형저적기업，재고리제형고적기업중，고리정책대공사개치적영향경가현저。
This paper uses the data of 2009-2013 as sample ,which come from paid dividends’ textile and garment industry, and study the dividend policy’s impact on textile and garment enterprises’ value. The results show that in the textile and garment enterprises, the per share dividend and the company's value was proportional, and passed the test of significance, while the dividend payout ratio and the value of the company was inversely proportional, and did not pass the test.At the same time, relative to the low ownership balance’s enterprise; in high ownership balance’s enterprises, the impact of dividend policy on company’s value is more significant.