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本文直接检验了2008年10月9日中国证监会颁布的《关于修改上市公司现金分红若干规定的决定》(以下简称《决定》)对公司现金股利支付行为的影响,并在此基础上评价《决定》可能存在的潜在问题。研究发现,《决定》的颁布对公司现金股利行为产生了明显影响,有融资动机的公司会增加现金股利支付;但是,有融资动机的公司更可能会仅支付满足监管要求的最低现金股利支付率,存在股利支付的机会主义行为。同时,《决定》在执行过程中也存在潜在的问题,我们发现提出融资方案的公司股利波动性较大,存在“突击”分红的可能性;上市公司再融资方案通过(或否决)之后,公司的现金股利支付意愿明显下降,不排除存在“钓鱼式”支付的可能性。本文的研究不仅丰富了现有股利研究的文献,也对完善相关政策具有重要的借鉴意义。
This article directly examines the impact of the “Decision on Amending Certain Provisions on Cash Dividend Distribution by Listed Companies” (the “Decision”) promulgated by China Securities Regulatory Commission on October 9, 2008 on the cash dividend payment behavior of the Company, and on this basis, Decided “potential problems that may exist. The study found that the promulgation of the Decision had a significant impact on the company’s cash dividend behavior. Companies with financing incentives increased their cash dividend payments; however, companies with financing incentives were more likely to pay only the minimum cash dividend payout ratio that meets regulatory requirements , There is dividend pay opportunistic behavior. At the same time, there are potential problems in the implementation of the ”Decision“. We find that the dividend of the company that raised the financing plan is more volatile and there is a possibility of ”surprise“ dividend. After the listing company’s refinancing plan is passed (or vetoed) , The company’s willingness to pay cash dividends has dropped significantly, not precluding the possibility of ”phishing" payments. The research in this paper not only enriches the literature on the existing dividend research, but also has important reference for perfecting related policies.