CAJ | 학술논문

完善上市公司分红,是A股监管层近期提高投资者保护的重要措施之一.基于系统论构建了实证分析框架,检验结果显示股利政策具有直接定价功能和间接定价功能,即股利支付水平与企业股价显著正相关,同时股利政策还可以提高会计盈余对股票价格的解释力度.当企业的代理风险较高时,支付现金股利可以降低代理风险,进而提高市场对企业的估值.因此,上市公司应该增加股利政策信息披露和股利支付的频率,投资者应该在投资决策时提高对股利信息的重视程度.
완선상시공사분홍,시A고감관층근기제고투자자보호적중요조시지일.기우계통론구건료실증분석광가,검험결과현시고리정책구유직접정개공능화간접정개공능,즉고리지부수평여기업고개현저정상관,동시고리정책환가이제고회계영여대고표개격적해석력도.당기업적대리풍험교고시,지부현금고리가이강저대리풍험,진이제고시장대기업적고치.인차,상시공사응해증가고리정책신식피로화고리지부적빈솔,투자자응해재투자결책시제고대고리신식적중시정도.
Recently, perfecting the dividends of the listed companies to improve investor protection has been one of the in- vestor protection measures taken by A-share regulators. Based on the system theory to construct an empirical analysis model, the empirical result shows that dividend policy has both direct and indirect pricing functions, namely the dividend payment level and the enterprise share price are significantly positive correlated, and dividend policy can also improve the explanation of accounting surplus on stock prices. When the agency risk of an enterprise is relatively high, to pay cash dividends can reduce the agency risk, which further improves the valuation of enterprise by market. On that basis, this paper provides the corresponding sugges- tions for the listed companies and the investors respectively. The listed companies should increase the frequency of dividend poli- cy information disclosure and the frequency of dividend payments. The investors should attach greater importance to dividend in- formation in their investment decision.