现金股利、股票股利与会计稳健性

该文以2007—2012年沪深两市A股公司为样本,采用ball(2005)提出的应计—现金流模型研究现金股利、股票股利对会计稳健性的影响。研究结论表明:分配股利的上市公司会及时地确认损失,采取更加稳健的会计政策;考虑到产权性质的不同,国有上市公司相对于民营上市公司的会计稳健性程度更高;相比于中期股利,年度股利的公司会采取更稳健的会计政策;采用现金股利的公司与会计稳健性在5%水平上显著正相关,随着现金股利支付率的提升,稳健性逐步提高;股票股利政策与会计稳健性负相关,但不显著。

Cash Dividends,Stock Dividends and Accounting Conservatism

Using 2007-2012 Shanghai and Shenzhen A-share companies as samples, we studies the impact of cash dividends and stock dividends on accounting conservatism through accrued cash flow model proposed by Ball. The results indicate that： the dividend of listed companies will recognizes the losses in a timely manner and adopt more conservative accounting policies; taking the different nature of property rights into account, the state-owned listed companies have a higher degree of robustness; compared with the interim dividend payment, the listed companies of annual dividends will adopt more conservative accounting policies. The listed company＇s of cash dividends have a marked positive relative with accounting conservatism at the 5% level. As the payment rate increases, the robustness steadily improves; stock dividend policy negatively and unsaliently correlates with accounting conservatism.