【摘要】 股票流动性对现金股利具有重大影响。以2006—2017年中国A股上市公司为样本进行实证研究,发现股票流动性与现金股利呈显著负相关,即股票流动性越高,上市公司的现金股利支付意愿越弱、支付力度越小。进一步根据公司所有权性质进行分组后发现,股票流动性与国有控股上市公司及非国有控股上市公司的现金股利分配均呈现负相关关系,即股票流动性对现金股利的影响并不会因公司所有权性质的不同而存在显著差异。更多还原

【Abstract】 Stock liquidity has a significant impact on cash dividends. Based on the empirical study of China’s A-share listed companies in 2006-2017,this paper finds that the stock liquidity is negatively correlated with cash dividends,that is,the higher the stock liquidity is,the weaker the willingness to pay cash dividends of listed companies is,and the smaller the payment intensity is. After further grouping according to the nature of corporate ownership,it is found that stock liquidity has a negative correlation with the cash dividend distribution of state-owned and non-state-owned listed companies,that is to say,the impact of stock liquidity on cash dividend will not be significantly different due to the different nature of corporate ownership.更多还原