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2005年4月到2006年底股权分置改革已基本完成,至此我国资本市场进入了后股权分置时代。目前在我国上市公司现金股利政策的相关研究中,以行业数据为样本的专门性研究很少。本文以2008年度发放现金股利信息行业上市公司的数据为研究对象,对其现金股利政策的影响因素进行了实证研究。结果表明:每股收益、每股经营现金流量净额、净资产收益率与现金股利支付水平相关度不高,每股净资产与每股现金股利相关性较强。
From April 2005 to the end of 2006, the non-tradable share reform has been basically completed. As a result, China’s capital market has entered an era of post-share-trading. At present, there are few researches on the specialties of the sample of the industry data in the related research on the cash dividend policy of the listed companies in our country. In this paper, the data of cash dividend information industry listed companies released in 2008 are taken as the research object, and empirical research is conducted on the influencing factors of cash dividend policy. The results show that the correlation between earnings per share, net cash flow per share and return on net assets and cash dividend payment is not high, and net asset per share is highly correlated with cash dividend per share.