财经论丛
財經論叢
재경론총
Collected Essays On Finance and Economics
2014年
6期
60~67
,共null页
政府干预 股利政策 市场资源 技术资源
政府榦預 股利政策 市場資源 技術資源
정부간예 고리정책 시장자원 기술자원
government intervention; dividend policy; marketing resource; technological resource
基于2009—2011年沪深A股上市公司数据，考察政府干预对上市公司股利政策的影响。研究结果发现：政府对上市公司的干预程度越高，公司向股东发放股利的可能性越小，股利支付率越低；进一步研究还发现，在市场资源和技术资源较丰富的公司中，政府干预程度将减弱，公司更可能向股东发放较高程度的股利。这一结论验证了政府干预影响公司股利决策的理论依据，从实践上为中国上市公司制定合理的股利支付提供决策。
基于2009—2011年滬深A股上市公司數據，攷察政府榦預對上市公司股利政策的影響。研究結果髮現：政府對上市公司的榦預程度越高，公司嚮股東髮放股利的可能性越小，股利支付率越低；進一步研究還髮現，在市場資源和技術資源較豐富的公司中，政府榦預程度將減弱，公司更可能嚮股東髮放較高程度的股利。這一結論驗證瞭政府榦預影響公司股利決策的理論依據，從實踐上為中國上市公司製定閤理的股利支付提供決策。
기우2009—2011년호심A고상시공사수거，고찰정부간예대상시공사고리정책적영향。연구결과발현：정부대상시공사적간예정도월고，공사향고동발방고리적가능성월소，고리지부솔월저；진일보연구환발현，재시장자원화기술자원교봉부적공사중，정부간예정도장감약，공사경가능향고동발방교고정도적고리。저일결론험증료정부간예영향공사고리결책적이론의거，종실천상위중국상시공사제정합리적고리지부제공결책。
Based on the data of A-share market in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2009 to 2011, this paper mainly examines the effects of government intervention on firms＇ dividend policy. The results show that the higher the degree of government intervention, the less the probability that the board implements dividend policy, and the lower the rate of cash dividend pay to shareholders. It is also found that the degree of government intervention is reduced in compa- nies which have more marketing and technological resources, and accordingly, there is higher probability of dividend policy being implemented and more cash dividend pay for shareholders in these companies. These findings have verified the theoreti- cal basis of the effect of government intervention on the firm＇s dividend policy, and have positive implications for relevant poli- cies in practice.
