全文下载-现金股利与股票股利的比较分析ahref=1

*(130012)JensenandMeckling1976*7017205101JA6300232001009112(Easterbrook1984)(Jense1986)3Ross1977410%2123120%20%=20%2(199831199619977073199619972871996199740819961997CPS12ACashdividendpershareSPS12ASharedividendpershare19961997217EPS12At19961997DEBTR97t1997LOGASSET97t1997LOGCAP97t1997SALE/AR97t1997SALE/AR97EXPENR97t1997EXPENR97tAngColeandLin1998RETAINE97t19972CPS12At=a+bEPS12At+cDEBTR97t+dLOGASSET97t+eEXPENR97t+fRETAINE97t+gLOGCAP97t+hSALE/AR97t+utt=123287CPS12At=0.644EPS12A-0.344RETAINE97+0.180LOGASSET97-0.105DEBTR97+uR2=0.434=0.06988F=55.646Sig=0.00ExplanativeVariableUnstandardizedCoefficientsStandardizedCoefficientstSig.BStd.errorBeta(Constant)-.143.057-2.508.013EPS12A.256.019.64413.833.000RETAINE97-3.872E-06.000-.344-6.424.000LOGASSET974.030E-02.012.1803.389.001DEBTR97-3.662E-04.000-.105-2.334.020CPS12AEPS12ARETAINE97LOGASSET97DEBTR9743SPS12At=a+bEPS12At+cDEBTR97t+dLOGASSET97t+eEXPENR97t+fRETAINE97t+gLOGCAP97t+hSALE/AR97tutt=123408SPS12At=0.552EPS12A-0.136LOGCAP97+0.138DEBTR97-0.157EXPENR97+0.108SALE/AR97+uR2=0.352=0.0889F=39.695Sig=0.00ExplanativeVariableUnstandardizedCoefficientsStandardizedCoefficientstSig.BStd.errorBeta(Constant).107.0333.241.001EPS12A.284.025.55211.247.000LOGCAP97t-5.403E-02.018-.136-3.078.002DEBTR978.905E-04.000.1382.982.003EXPENR97t-.114.037-.157-3.120.002SALE/AR97t2.748E-02.012.1082.343.020SPS12AEPS12ALOGCAP97DEBTR97EXPENR97SALE/AR97t5119952Easterbrook,F.H,1984,TwoAgency-costExplanationsofDividends,AmericanEconomicReview74(4),650-659.3Jensen,M.C.,andW.H.Meckling,1976,TheoryoftheFirm:ManagerialBehavior,AgencyCostsandOwnershipStructure,JournalofFinancialEconomics,3(4),305-360.4Jensen,M.C.,1986,AgencyCostsofFreeCashFlow,CorporateFinance,andTakeovers,AmericanEconomicReview76(2),323-329.5Ross,S.A,1977,TheDeterminationofFinancialStructure:TheIncentiveSignalingApproach,BellJournalofEconomics,spring,23-40.6J.S.Ang.,R.A.Cole,andJ.W.Lin,1998,Agencycostandownershipstructure,JournalofFinance.Forthcominginfutureissues.71998,,681999129.199921020016ComparativeAnalysisofCashDividendandShareDividendLuChangjiang(BusinessschoolofJilinUniversity130012)Abstract:Thispaperwillcomparethedifferenceandinfluencefactorsbetweencashdividendandsharedividend.TheconcurrenceofcashdividendandsharedividendisthefeatureofChineselistedcompanies.Basedonthetheoreticalanalysisofmotivationdifferenceofcashdividendandsharedividend,weestablishcashdividendmodelandsharedividendmodel,andgetthecommonanddifferentialvariablesofinfluencingcashdividendandsharedividend.Wearguethatthedifferencebetweencashdividendandsharedividendiscorporatecurrentandfutureearning’s6changesandcashliquidity.Sharedividendcanplaytherolesofdeferringandsubstitutingcashdividend,however,whetherthefirmcanbeacceptedbymarketwillbedecidedbyfirm’slong-termprofitabilityandliquidity.Keywords:Dividendpolicy,Cashdividend,Sharedividend.7