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本文对中国股权分置改革以来的上市公司的股利支付情况进行了数量统计和计量分析,验证了弹性假说在中国的适用性:由于公司的财务弹性要求,当公司的增长率上升时,股利支付率会降低。另外,对于高增长率和低增长率的公司,当风险增大时表现不同,当增长率高于资产收益率时,股利支付率与风险之间呈负相关,当增长率低于资产收益率时,股利支付率与风险之间呈正相关,且公司的最优股利支付率和风险之间存在非线性关系。
This paper quantitatively and econometrically analyzes the dividend payout of listed companies since the non-tradable share reform in China, and verifies the applicability of the elastic hypothesis in China. Due to the company’s financial flexibility, when the company’s growth rate rises, the dividend payout Rate will be reduced. In addition, for companies with high growth rate and low growth rate, the performance is different when the risk increases. When the growth rate is higher than the return on assets, the dividend payout ratio is negatively correlated with the risk. When the growth rate is lower than the return on assets , There is a positive correlation between dividend payout ratio and risk, and there is a nonlinear relationship between the company’s optimal dividend payout ratio and risk.