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dc.contributor.author权小锋
dc.contributor.author滕明慧
dc.contributor.author吴世农
dc.date.accessioned2016-05-17T02:15:39Z
dc.date.available2016-05-17T02:15:39Z
dc.date.issued2010
dc.identifier.citation财经研究,2010,(8):123-133
dc.identifier.issn1001-9952
dc.identifier.otherCJYJ201008013
dc.identifier.urihttps://dspace.xmu.edu.cn/handle/2288/102575
dc.description.abstract文章以2004-2008年沪深A股上市公司为研究样本,系统性地检验了行业因素对上市公司现金股利政策的影响。研究发现:行业前期现金股利支付对本期企业现金股利的支付意愿和支付水平产生显著的正向影响;行业竞争程度、行业自信水平对企业的股利支付意愿和支付水平产生负向影响;行业股利需求偏好、行业所处的生命周期并不影响企业当期的现金股利政策。国家分红政策效应的强化会使企业现金股利决策更加依赖行业因素。
dc.description.abstractBased on the data of Chinese listed companies from 2004 to 2008,the paper systematically tests the effects of industrial characteristics on cash dividend policy.The empirical results are as follows: firstly,the prior-year industrial cash dividend payout has a significantly positive effect on the propensity to pay cash dividends and levels of dividend payments in current period;secondly,the degrees of industrial competition and industrial confidence have negative effects on the propensity to pay cash dividends and levels of dividend payments;thirdly,the preference for industrial dividends demand and industrial life cycle have no significant effects on the cash dividend policy.Government dividend policies could make enterprises' cash dividend decision-making more dependent on industrial factors.
dc.description.sponsorship国家自然科学基金重点项目(70632001);教育部“新世纪优秀人才计划”项目(NCET-06-0565)资助
dc.language.isozh_CN
dc.subject行业特征
dc.subject现金股利政策
dc.subject股利支付意愿
dc.subject股利支付水平
dc.subjectindustrial characteristics
dc.subjectcash dividend policy
dc.subjectpropensity to pay dividends
dc.subjectlevel of dividend payments
dc.title行业特征与现金股利政策——基于2004-2008年中国上市公司的实证研究
dc.title.alternativeIndustrial Characteristics and Cash Dividend Policy:Empirical Research Based on the Data of Chinese Listed Companies from 2004 to 2008
dc.typeArticle


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