现金股利、股票股利与会计稳健性

摘要

Using 2007-2012 Shanghai and Shenzhen A-share companies as samples, we studies the impact of cash dividends and stock dividends on accounting conservatism through accrued cash flow model proposed by Ball. The results indicate that: the dividend of listed companies will recognizes the losses in a timely manner and adopt more conservative accounting policies; taking the different nature of property rights into account, the state-owned listed companies have a higher degree of robustness; compared with the interim dividend payment, the listed companies of annual dividends will adopt more conservative accounting policies. The listed company's of cash dividends have a marked positive relative with accounting conservatism at the 5% level. As the payment rate increases, the robustness steadily improves; stock dividend policy negatively and unsaliently correlates with accounting conservatism.%该文以2007-2012年沪深两市 A 股公司为样本，采用 ball（2005）提出的应计-现金流模型研究现金股利、股票股利对会计稳健性的影响。研究结论表明：分配股利的上市公司会及时地确认损失，采取更加稳健的会计政策；考虑到产权性质的不同，国有上市公司相对于民营上市公司的会计稳健性程度更高；相比于中期股利，年度股利的公司会采取更稳健的会计政策；采用现金股利的公司与会计稳健性在5%水平上显著正相关，随着现金股利支付率的提升，稳健性逐步提高；股票股利政策与会计稳健性负相关，但不显著。