2014 9 5 286 China Economic Studies Sept 2014 No.5 2007 2012 2013 1 7 30% 30% 30% 2014-03-18 11JBGP006 48
2007 2012 20 90 90 30% 30% 1% 2010 2001 2001 3 28 2004 12 7 2006 5 6 2008 10 9 1999 2011 2010 2001 2008 U Zhou &Ruland 2006 Liu 2008 1 2010 2012 Jesen 1986 49
Brav 2005 DeAngelo 2006 2013 2009 2010 9 1 2007 1 1 2012 12 31 RESSET 50
1 eps / 0.53 roe % 10.92 naps / 5.09 qckrt % 3.03 db % 39.16 epsgrt % 49.25 incgrt % 27.5 Div 0.18 Prt % 49.35 Kruskal-Wallis Kruskcal-Wallis 2007 2012 2-4 51
2 2007-2012 2007 2008 2009 2010 2011 2012 459 480 483 537 593 454 376 438 517 718 831 581 179 229 306 502 607 400 - - 59 167 300 237 3 2007-2012 / 2007 2008 2009 2010 2011 2012 0.1544 0.1464 0.138 0.1406 0.1585 0.1676 0.1617 0.1554 0.1765 0.2161 0.1966 0.1673 0.1558 0.1892 0.2003 0.2374 0.212 0.1815 - - 0.2637 0.2948 0.2437 0.2104 4 2007-2012 2007 2008 2009 2010 2011 2012 38.0% 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% - - 41.2% 43.1% 46.8% 46.4% 1 52
1 0. 15 0. 23 38% 43% 2-4 1 Kruskal-Wallis H 0 H 1 Kruskal-Wallis 517. 7423 p 2. 2* e -16 H 0 H 1 Kruskal-Wallis 111. 5989 3 p 3. 2* e -16 R 2 2 eps roe naps div qckrt db 53
2 epsgrt incgrt U 19. 53% 48. 01% 1 3 2 54
4 3 5 6 4 7.46 55
5 7 6 U 32.17% 15.00% 10.24% 8 7 U 56
41.67% 50.61% 54.87% 9 U U 57
1 Brav A Graham J R Harvey C R Michaely R. 2005. Payout Policy in the 21st Century J. Journal of Financial Economics 77 30 438-527. 2 Denis D. I.Osobov. 2008. Why Do Firms Pay Dividends International Evidence on the Determinants of Dividend Policy J. Journal of Financial Economics 89 1 62-82. 3 DeAngelo H DeAngelo L Stulz R M. 2006. Dividend Policy and the Earned /Contributed Mix a test of the life-cycle theory J. Journal of Financial Economics 81 2 227-254. 4 Liu Y Szewczyk S H Zantout Z. 2008. Under reaction to Dividend Reductions and Omissions J. Journal of Finance 63 2 987-1020. 5 Von E.H. W. Megginson. 2006. Dividend Policy in the European Union R. University of Oklahoma. 6 Zhou P Ruland W. Dividend. 2006. Payout and Future Earnings Growth J. Financial Analysts Journal 62 3 58-69 7. 2011. J. 8 119-128. 8. 2012. J. 8 73-81. 9. 2010. J. 3 144-155. 10. 2010. M.. 11. 2008. MBO J. 1 58-65 12. 2008. J. 9 139-148. 13. 2011. J. 1 101-103. 14. 2010. J. 10 103-116. 15. 2009. J. 9 58-65. 16. 2013. J. 2 22-32. 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 361005 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