CAJ | 학술논문

本文通过对2001—2008年424个上市公司首次发放现金股利行为的跟踪调查，系统性地从行业股利分配、行业竞争程度、行业成长性以及行业自信水平四个维度研究了行业因素对上市公司首发现金股利决策的影响。研究发现：（1）行业整体股利分配对上市公司首发股利产生显著正面影响，表明上司公司股利的首次发放具有行业“追随效应”；（2）行业成长性和行业自信水平对上市公司的首发现金股利产生负向影响，但行业竞争程度并没有对上市公司首发股利产生显著影响；（3）半强制分红政策强化了行业因素对上市公司首发现金股利政策的影响。
본문통과대2001—2008년424개상시공사수차발방현금고리행위적근종조사，계통성지종행업고리분배、행업경쟁정도、행업성장성이급행업자신수평사개유도연구료행업인소대상시공사수발현금고리결책적영향。연구발현：（1）행업정체고리분배대상시공사수발고리산생현저정면영향，표명상사공사고리적수차발방구유행업“추수효응”；（2）행업성장성화행업자신수평대상시공사적수발현금고리산생부향영향，단행업경쟁정도병몰유대상시공사수발고리산생현저영향；（3）반강제분홍정책강화료행업인소대상시공사수발현금고리정책적영향。
By follow-up surveying the first-time cash dividend payout decision of China listed companies during the period of 2001 to 2008, this paper tested how the first-time cash dividend policy is influenced by the industrial characteristics, such as the level of dividends in the industry, degree of industry competition, degree of industry growth, and degree of industry confidence. The research results show ：（ 1 ） the first-time cash dividend payment is significantly affected by the industry＇s prior cash dividend payment, this indicates that there is a ＂following effect＂ when the listed companies paid their first-time cash dividend ; （2） degree of industry growth and degree of industry confidence are negatively related to the current-period levels of the first-time cash dividend, while degree of industry competition is not related with the listed companies＇ first-time cash dividend payment; （3）semi-mandatory cash dividend payment policies of the government strengthen the industrial factors＇ effects on the first-time dividend policy of the listed firms in China.