【摘要】 本文对2003-2011年之间的牛市与熊市状态进行了划分,采用最优动态反应模型、非参数检验方法、面板数据的Tobit模型和Logit模型分析了不同股市状态下终极控制人股利分配倾向和股利支付水平。研究表明,不同市场状态下,终极控制人股利支付水平存在显著的差别。在其他条件不变的情况下,终极控制人在牛市中的股利分配倾向和股利支付水平均高于熊市。更多还原

【Abstract】 In this paper, we learn from a method to distinguish the stock market states by Pagan and Sossounov(2003) and divide the bull market and bear market state from 2003 to 2011. This paper provides an empirical analysis of the propensity to pay cash dividends of ultimate controller in different market states by introducing a best response dynamics method, a non-parametric test, a panel Logit model and a panel Tobit model. The empirical results show that there is a different dividend payment of ultimate controller in different states. We find that the propensity to pay cash dividend of ultimate controllers is higher in advanced market. So is dividend payment.更多还原