| 上市公司现金股利派发的财务效应研究
——兼论现金股利代理成本理论的适用性 |
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| 引用本文： | 谢赤,闫荣城,欧辉生.上市公司现金股利派发的财务效应研究
——兼论现金股利代理成本理论的适用性[J].湖南大学学报(社会科学版),2012,26(4):49-55. |
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| 作者姓名： | 谢赤 闫荣城 欧辉生 |
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| 作者单位： | 1. 湖南大学工商管理学院,湖南长沙410082;湖南大学金融与投资管理研究中心,湖南长沙410082
2. 湖南大学工商管理学院,湖南长沙,410082 |
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| 基金项目： | 国家社会科学基金重点资助项目，全国高校青年教师奖励基金资助项目，教育部人文社会科学规划项目，教育部博士点专项科研基金资助项目，教育部创新团队项目，湖南省自然科学基金创新群体项目，湖南省社会科学基金 |
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| 摘 要： | 中国上市公司现金股利分配的特殊性,决定了其不同于一般的企业财务效应:派发现金股利后企业盈利能力和资产管理能力显著增强,偿债能力显著降低,发展能力变化不显著;企业盈利能力增长幅度与现金支付率呈正比关系,但股权集中程度弱化了现金股利对企业盈利能力的影响。
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| 关 键 词： | 现金股利 财务效应 现金股利代理成本理论 |
The Financial Effect of Cash Dividend Distribution in Listed Companies: The Applicability of Cash Dividend Agency Cost Theory |
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| XIE Chi,YAN Rong-cheng,OU Hui-sheng.The Financial Effect of Cash Dividend Distribution in Listed Companies: The Applicability of Cash Dividend Agency Cost Theory[J].Journal of Hunan University(Social Sciences),2012,26(4):49-55. |
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| Authors: | XIE Chi YAN Rong-cheng OU Hui-sheng |
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| Institution: | 1 ( 1.School of Business Administration , Hunan University , Changsha 410082 , China ; 2.Center of Finance and Investment Management , Hunan University , Changsha 410082 , China ) |
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| Abstract: | The particularity of cash dividend distribution of Chinese listed company determines its financial effects are different from that of others.Enterprises’profitability and asset management ability significantly improve while solvency ability significantly drops,and development ability does not change significantly after distributing cash dividend.There is a significant positive relationship between enterprises’ profitability increase magnitude and dividend payment rate.However,the ownership concentrated degree weakens the positive effect of cash dividend distribution on enterprises’profitability. |
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| Keywords: | cash dividend financial effect cash dividend agency cost theory |
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