상해증권거래소 상장기업 배당정책의 특성과 기업가치 관계 연구

This paper examines the determinants of dividend payouts of listed companies in China empirically using panel data analysis. Moreover, it assesses the effect of dividend payouts of China’s listed companies on their respective firm values. Most of the prior literature on dividend payouts are based on the experience of developed countries which implement a capitalist market economy system. On the other hand, this empirical study focuses on China’s listed companies which adopt the socialist market economy system. The empirical results are as follows. First, firm size, earnings per share (EPS), return on equity (ROE), quick ratio and share-holding proportion of the largest shareholder are positively related with dividend payments. Moreover, financial leverage and business risks are negatively related to dividend payments. Second, quick ratio and share-holding proportions of the largest shareholder are positively related to dividend payout ratios while financial leverage and business risk are negatively related to the dividend payout ratio. Third, dividend payments of listed companies in China are positively related to their firm value while the dividend payout ratio doesn’t influence their firm value. These findings show that Chinese stock market investors are more sensitive to dividend payments than dividend payout ratio.