CAJ | 학술논문

由于股利政策能够传递信号，因此上市公司会充分利用股利政策的这种作用。在同行业上市公司的激烈竞争中，股利政策的制定也存在激烈的竞争，以传递公司的内部信息。我们的实证研究结果表明，白酒行业的上市公司在制定股利政策时，存在着竞争性。表现为，公司的股利支付率与业绩不相关、股利支付变化率与业绩变化不相关，但公司间的股利分配标准却高度一致。竞争性股利政策的存在反映了我国资本市场不成熟的一面，可能给公司带来不利的影响。因此，应该采取多种措施加以完善。
유우고리정책능구전체신호，인차상시공사회충분이용고리정책적저충작용。재동행업상시공사적격렬경쟁중，고리정책적제정야존재격렬적경쟁，이전체공사적내부신식。아문적실증연구결과표명，백주행업적상시공사재제정고리정책시，존재착경쟁성。표현위，공사적고리지부솔여업적불상관、고리지부변화솔여업적변화불상관，단공사간적고리분배표준각고도일치。경쟁성고리정책적존재반영료아국자본시장불성숙적일면，가능급공사대래불리적영향。인차，응해채취다충조시가이완선。
Since the dividend policy has signaling effect,the listed companies will take advantage of this effect.Because of the competition in the listed companies of the same industry,the dividend policy is also competing to transfer the company＇s internal information.Our empirical results show that the liquor industry has a competitive dividend policy.That a listed company＇s dividend payout ratio is not related with the company＇s performance,the change of dividend payments is not re-lated with the rate of change in the performance of the company,but have a high degree of consistency between the divi-dend distribution standards.The existence of a competitive dividend policy reflects the immaturity of China＇s capital mar-ket,it should affect the company adversely.Therefore,we should take a variety of measures to improve.