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本文考察了处于不同企业生命周期的上市公司现金股利政策的影响因素。与生物体相类似,企业本身也有生命周期,处于不同生命周期阶段的企业有着不同的财务政策,其股利分配政策也应有着一定的差异。本文首先对样本数据以企业生命周期理论为基础进行分组,对各分组数据进行回归研究,回归结果显示不同阶段的公司现金股利政策的影响因素是不同的。
This paper examines the influencing factors of the cash dividend policy of listed companies in different corporate life cycles. Similar to the organism, the enterprises themselves also have life cycles. Enterprises in different stages of life cycle have different financial policies and their dividend distribution policies should have some differences. In this paper, the sample data are grouped on the basis of the enterprise life cycle theory, and the regression analysis is conducted on each subgroup data. The regression results show that the influencing factors of cash dividend policy in different stages are different.