对我国创业板上市公司现金股利政策的探析

The Analysis on the Cash Dividends Policies of the GEM Quoted Companies

摘要: 本文采用创业板指包含的100家上市公司为样本，探究创业板上市公司现金股利的特征，并结合数据建立现金股利影响因素的计量模型，探析我国创业板上市公司现金股利政策的影响因素。研究结果显示：创业板块存在派现公司逐年增多但派现额较低、派现与扩股同时进行的特征；当期利润收入和公司净资产对现金股利政策有明显的影响。

Abstract: This paper takes 100 quoted companies involved in the Growth Enterprise Market (GEM) index as a sample in order to explore the characters of cash dividends of these companies. On top of that, with the data, we intend to build an econometric model of cash dividends in order to analyze the factors influencing the cash dividends policies of the GEM quoted companies. The study shows that: more listed companies go to payout cash dividend but the amounts are low; cash dividend is always synchronizing with enhancing the capital; the current profits margins and cooperate assets have a strong influence on the cash dividends.