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股利分配将上市公司和投资者紧紧地联系在了一起,不仅会影响到投资者对企业前景的信心,而且还会对企业的融资能力、企业价值产生重要影响。利用2010-2014年沪深A股上市公司的面板数据,本文实证研究了现金分红与上市公司企业价值之间的关系,发现两者之间存在着正向关系。相关结论对上市公司股利分配政策的修订及政府监管具有一定参考作用。
Dividend distribution will be closely linked with listed companies and investors, not only will affect investors’ confidence in the future of the enterprise, but also will have a significant impact on the ability of financing and the value of the enterprise. Using the panel data of Shanghai and Shenzhen A-share listed companies from 2010 to 2014, this paper empirically studies the relationship between cash dividends and the corporate value of listed companies and finds that there is a positive relationship between the two. The relevant conclusions have some reference to the revision of the dividend distribution policy of listed companies and government regulation.