摘要
分红行为是企业回馈股东的基本形式,在实践中存在一定的差异性特征,进而对企业的市场表现和价值提升带来不同影响。以长江电力的两轮十年期分红行为作为案例研究对象,首先对分红承诺执行情况及其具体效应进行了分析,再通过多元回归、比较分析法和事件研究法,研究了确定性持续分红对企业长期价值的影响。研究发现:(1)长江电力的分红政策是确定性持续分红政策,具有正向的市场效应和财务效应,能显著提高企业价值,且确定性越强、分红比例越高,对企业价值提升的幅度越大;(2)进一步的事件研究法结果表明,确定性持续分红政策的影响在短期内不显著,在长期内显著,即表现为促进企业长期价值的提升。
Dividend performance serves as a fundamental way for corporations to reward their shareholders,and its characteristics in practice have varied effects on market performance and value enhancement.This paper investigates the two rounds of 10-year dividend performance of China Yangtze Power Corporation Ltd as a case study,analyzing the implementation of dividend commitments and their specific effects.Furthermore,employing multiple regressions,method comparative analysis,and event study,the research examines the influence of the certainty of continuous dividends on long-term enterprise value.The study reveals that:(1)China Yangtze Power Corporation Ltd's dividend policy follows a certain and continuous pattern,leading to positive market and financial effects,significantly improving the company's value.The higher the certainty and dividend proportion,the greater the increase in enterprise value.(2)The event study method demonstrates that the impact of the certainty of continuous dividend policy is not significant in the short term but becomes evident in the long term,ultimately fostering long-term enterprise value enhancement.
作者
曾军
杨平
李桉
ZENG Jun;YANG Ping;LI An(School of Accounting,Yunnan University of Finance and Economics,Kunming 650221,China)
出处
《昭通学院学报》
2023年第6期69-78,105,共11页
Journal of Zhaotong University
基金
国家自然科学基金项目(72262033)
2021年云南省哲学社会科学创新团队项目(云社联〔2021〕26号第21项)。
关键词
确定性持续分红
分红承诺
企业长期价值
公司治理
Continuous dividends
Certainty of dividend commitment
Long-term enterprise value
Corporate governance
