三种不同股利影响A股制造业上市公司价值的经验证据OACHSSCD

Aiming at manufacturing companies listed in Chinese A-share market,this paper investigated the impacts of cash dividend,stock dividend,and mixed dividend on enterprise values.First,three various dividends all enhance the values of manufacturing listed companies.The effect of cash dividend is the strongest,and the effect of stock dividend is the weakest.Secondly,only the mediating effect of cash dividends on corporate value through agency costs is significant,which accounts for 3.71％of the total effect.Thirdly,all the impacts of three various dividends on corporate value change with regions,scales,and life cycles.The power of the cash dividend is the biggest for manufacturing listed companies with larger scale or at the recession phase or in the east region.Neither the stock dividend nor mixed dividend significantly enhance the values of manufacturing listed companies in mid-western region or at maturity stage.