【作者】 鲁兴启； 龙丽娜；

【Author】 Xingqi LU 1,Lina LONG 2 Enterprise Management InstituteZhejiang Wanli University,Ningbo,P.R.China College of Economics and Management,Shanghai Ocean University,Shanghai,P.R.China

【机构】 浙江万里学院企业管理研究所； 上海海洋大学经济管理学院；

【摘要】 创业板上市公司2009-2010年的年报披露后,普遍存在的"高派送"现象及其影响因素值得关注和深入研究。选取截止2011年4月30日已分配股利的166家创业板上市公司为样本,以多元线性回归分析法研究创业板上市公司现金股利分配和转增股本水平的影响因素。研究结果表明,创业板上市公司的现金股利分配水平与盈利能力正相关,而公司成长性抑制现金股利的分配;资本公积越高,越倾向扩大公司总股本,而公司规模对股本转增水平有抑制作用。同时,回归分析的结论也反映了创业板上市公司股利分配政策具有一定的特殊性。更多还原

【Abstract】 After disclosure of listed companies’ annual reports on ChiNext,the influencing factors which produce to "high stock dividends" is worthy of attention and further study.Take 166 listed companies on Chinext which have distributed dividend by April 30,2011 for samples,using the method of multiple linear regression analysis to empirically study the influencing factors of listed companies’ cash distribution and surplus turned to capital stocks’ increasing level.The results suggest that cash distribution level is positive correlation with profit ability,and company growth opportunity is able to weaken companies’ incentives to distribute cash.The more capital surplus,the more tendencies of listed companies to enlarge capital stocks,and company size is able to weaken companies’ incentives to increase capital stocks.The paper also finds that the dividend policy of listed company on ChiNext is with particularity.更多还原