摘要
本文以《上市公司股权激励管理办法》颁布后的2006年1月1日至2011年6月30日沪深两市公告股权激励计划的上市公司为对象,研究了股权激励与股利政策的关系。结果表明,股权激励公司的送转股水平和现金股利水平从公告计划前一年起显著高于非股权激励公司;上市公司公告股权激励计划对送转股和现金股利水平均有正向的影响,但从股利政策影响因素的回归结果来看,上市公司的现金股利政策较为适合自身的特征,但在送转能力不足的情况下依然"异常高送转",表明送转股是管理层眼中最大化其股权激励收益的更为理想的掘金工具。
In this paper, the behaviors of dividend distributions have been studied based on the data obtained from the companies that are listed in Stock Exchanges in Shanghai and Shenzhen and that announced equity incentive plans during the period of January 1, 2006 and June 30, 2011 after announcement of the Measures for the Administration of Equity Incentives of Listed Companies (MAEILC).The results show that both the levels of cash dividend and stock dividend and transfer of reserve to common shares are significantly higher in the companies announcing equity incentive plans than in the counterpart companies since the year prior to announcement of the equity incentive plans . The announcement of equity incentives has a positive impact on the levels of stock dividend and transfer of reserve to common shares and cash dividends. But cash dividend is properly chosen based on companies' characteristics, and the level of stock dividend and transfer of reserve to common shares is still increasing when the companies' capacity of distributing stock dividend and transfer of reserve to common shares is inadequate, indicating the executives regard stock dividend and transfer of reserve to common shares as an ideal gold digging tool.
出处
《会计研究》
CSSCI
北大核心
2012年第8期49-57,97,共9页
Accounting Research
基金
国家自然科学基金项目(71172171)
(70902012)的资助
