摘要:上市公司的股利政策会被一系列的因素所影响,本文通过对我国创业板上市公司股利政策的发放现状进行分析,发现我国创业板上市公司的股利政策多采取现金股利和配股股利,并呈现出“高分红”,“高转增”特征,这或许是受到创业板所在的宏观市场和微观市场的种种因素影响。通过实证研究,我们发现,盈利能力,成长能力,资本充足率对股利政策有重要影响;而资产流动性,公司规模,偿债能力影响不显著,随后本文对原因结论建议有更近一步的分析。
关键字:创业板 股利政策 分配现状 影响因素
Abstract:Dividend policy is a matter of trying to solve the world's scholars, the dividend policy will be influenced by a number of factors, through the status quo of China's GEM dividend policy analysis results of companies listed on GEM dividend policy take more cash dividends and placement of dividends and showing a "high dividends", "high capitalization" feature, the reason may be subject to various factors that affect the GEM market where the macro and micro market, the paper made from empirical research data, draw relevant impact factors: profitability, growth capacity, capital adequacy; and irrelevant factors: asset liquidity, company size, solvency accordingly theoretical explanation.
Key words:Dividend policy Dividend distribution theory Cash Dividend Allocation Status Factors Empirical Analysis