基于迎合理论的中国上市公司现金股利变更性研究

摘要

基于现金股利变更的动态视角，利用2000－2013年度中国证券市场的数据，分别从市场整体迎合与上市公司单个迎合方面，实证检验了迎合理论在中国证券市场的适用性。研究发现，迎合理论能够作为解释中国上市公司分配现金股利的原因。从市场整体状况来看，上市公司的当年度现金股利意愿与上年度的市场股利溢价之间存在明显的相同趋势，而从上市公司状况来看，若上市公司的现金股利意愿与市场股利溢价水平之间的差距越大，则更有可能变更现金股利形式以迎合证券市场投资者的需求。%Based on cash dividend changes'dynamic perspective , this paper uses Chinese securities market data between 2000 and 2013 to empirically test catering theory's applicability in Chinese securities market in terms of market catering and single company catering.The study finds that catering theory can be used to explain why a listed company distribute cash divi -dend.From the point of market overall situation , there is an obvious correlation between the current cash dividend intention and last year's dividend premium of the market.From the point of the listed company status , the bigger the gap between the cash dividend intention and the dividend premium is , the more likely the listed companies are to change the cash dividend form to meet the demand of stock market investors.