摘要
文章选取我国2012-2017年沪深A股上市公司的相关数据,利用实证分析方法,检验在不同的成长环境以及股权性质下管理层激励与现金股利政策的关系。结果表明:(1)管理层激励越强,上市公司越愿意支付现金股利,且现金股利的支付水平越高;(2)随着成长性的提高,管理层激励与现金股利支付意愿和支付水平的正相关会减弱;(3)管理层激励越强,国有产权公司比非国有产权公司现金股利支付的意愿越小,支付水平越低。
This paper selects data from Shanghai and Shenzhen A-share listed companies from 2012 to 2017 and analyses the relationship between management incentive and cash dividend policy under different growth environments and equity nature.The results show that:(1)the stronger the management incentive is,the more willing the listed companies are to pay cash dividends,and the higher the level of cash dividend payment;(2)with the improvement of growth,the positive correlation between the management incentive and the willingness to pay cash dividends and the level of payment is weakened;(3)the stronger the management incentive is,the less the willingness of the state-owned companies to pay cash dividends compared to the non-state-owned companies,level of payment is also the lower.
作者
陈飞
Chen Fei(Shihezi University,Shihezi,Xinjiang 832000,China)
出处
《新疆农垦经济》
2020年第1期75-85,共11页
Xinjiang State Farms Economy
基金
石河子大学中青年项目(项目编号:RWSK14-Y01)。
