商业研究

商业研究

• 财经纵横 • 上一篇    下一篇

基于DID模型的股利监管政策效应分析

陈金勇1，汤湘希2，杨俊3   

  1. 1.湖北大学 商学院， 武汉 430062；2.中南财经政法大学 会计学院， 武汉 430072；3.深圳证劵交易所，广东 深圳 518038
  • 收稿日期:2016-10-16 出版日期:2017-03-19
  • 作者简介:陈金勇（1981-），男，湖北荆州人，湖北大学商学院讲师，会计学博士，研究方向：无形资产理论与实务、企业创新；汤湘希（1963-），男，湖北恩施人，中南财经政法大学会计学院教授，博士生导师，管理学博士，研究方向：无形资产理论与实务。

An Analysis of the Effect of Dividend Regulatory Policy based on DID Model

CHEN Jin-yong1，TANG Xiang-xi2，YANG Jun3   

  1. 1.School of Business, Hubei University，Wuhan 430062,China； 2.School of Accounting, Zhongnan University of Economics and Law，Wuhan 430072,China； 3.Shenzhen Stock Exchange，Shenzhen 518038,China
  • Received:2016-10-16 Online:2017-03-19

摘要： 本文以2006年上市公司证券发行管理办法出台后市场反应的观察为切入点，采用单变量分析和双重差分法检验股利监管政策对我国上市公司股利政策的影响。研究结果表明，2006年之后总的现金股利支付水平并没有提高，政策效应不显著；采用DID模型对有股权再融资的上市公司进一步探究，发现其每股股利有降低的趋势，该政策并没有对上市公司发放现金股利产生明显激励效应，未产生政策的预期效果。

关键词: 股利监管政策, 现金股利, 市场反应

Abstract: This paper starts with the observation of market reaction after the policy of Measures for the Administration of the Issuance of Securities by Listed Companies is enacted in 2006 to test the effect of dividend regulatory policy on the dividend policy of listed companies in China by use of One-Way ANOVA and difference-in-difference method. The results show that, total cash dividend level after 2006 did not improve, and there are no significant policy effects; a further exploration to listed companies with a stake in the refinancing based on DID model shows that, the dividend per share has a tendency to reduce. This policy did not have a clear incentive effect on distributing cash dividends of listed companies, and produce expected results.

Key words: dividend regulatory policy, cash dividend, market reaction