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1 China Economic Studies Sept 2014 No % 30% 30% JBGP006 48

2 % 30% 1% U Zhou &Ruland 2006 Liu Jesen

3 Brav 2005 DeAngelo RESSET 50

4 1 eps / 0.53 roe % naps / 5.09 qckrt % 3.03 db % epsgrt % incgrt % 27.5 Div 0.18 Prt % Kruskal-Wallis Kruskcal-Wallis

5 / % 65.4% 43.5% 42.2% 37.7% 45.2% 36.7% 45.5% 44.4% 43.8% 44.6% 51.7% 34.3% 49.7% 48.1% 47.7% 45.9% 51.3% % 43.1% 46.8% 46.4% 1 52

6 % 43% Kruskal-Wallis H 0 H 1 Kruskal-Wallis p 2. 2* e -16 H 0 H 1 Kruskal-Wallis p 3. 2* e -16 R 2 2 eps roe naps div qckrt db 53

7 2 epsgrt incgrt U % %

9 5 7 6 U 32.17% 15.00% 10.24% 8 7 U 56

10 41.67% 50.61% 54.87% 9 U U 57

11 1 Brav A Graham J R Harvey C R Michaely R Payout Policy in the 21st Century J. Journal of Financial Economics Denis D. I.Osobov Why Do Firms Pay Dividends International Evidence on the Determinants of Dividend Policy J. Journal of Financial Economics DeAngelo H DeAngelo L Stulz R M Dividend Policy and the Earned /Contributed Mix a test of the life-cycle theory J. Journal of Financial Economics Liu Y Szewczyk S H Zantout Z Under reaction to Dividend Reductions and Omissions J. Journal of Finance Von E.H. W. Megginson Dividend Policy in the European Union R. University of Oklahoma. 6 Zhou P Ruland W. Dividend Payout and Future Earnings Growth J. Financial Analysts Journal J J J M MBO J J J J J J Non-Parametric Analysis of the Influencing Factors of Cash Dividends of China's Listed Companies and the Differences between Markets Cai Weiyi Deng Guanghong Xiamen University Xiamen Abstract This article studies China's listed companies' cash dividends using the dividends data from 2007 to 2012ofthe companies listed on the Shanghai and Shenzhen motherboard small plates and Growth Enterprise Market in order to show the basic information and fit the distribution of DPS dividend per share and DPR dividend payout ratio. By using Kruskal-Wallis test this article proves that there is extinguish difference of DPS and DPR among these four markets. Furthermore by using the non-parameter testing model the significant differences are proved exist between DPS and DPR among the four boards. And then same method is also applied to testing the effects on the DPS which come from the profitability growing ability debt ratio and repayment ability. Finally the author tries to make clear the differences between the four boards by using the functions between independent variables and dependent variables. Key words listed companies cash dividends non-parametric analysis 58

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<4D6963726F736F667420576F7264202D20323031342DB5DA32C6DA2DD6D0B4F3B9DCC0EDD1D0BEBF2DC4DACEC42D6F6B2DD2BBD0A32E646F63> 中大管理研究 2014 年第 9 卷 (2) 投资者情绪与会计信息价值相关性基于中国上市公司的实证分析 1 季美惠宋顺林王思琪摘要 : 目前, 国内有关投资者情绪的研究主要集中于投资者情绪与股票回报之间关系的研究, 有关投资者情绪对