重庆交通大学学报（社会科学版）2026，Vol.26Issue(3)：93-109,17.
三种不同股利影响A股制造业上市公司价值的经验证据
Empirical Evidence on How Three Various Dividends Influence Values of Manufacturing Listed Companies in Chinese A-share Market
摘要
Abstract
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.关键词
股利分配/公司价值/制造业上市公司/经验证据Key words
dividend policy/enterprise value/manufacturing listed company/empirical evidence分类
管理科学引用本文复制引用
魏光兴,赵鑫..三种不同股利影响A股制造业上市公司价值的经验证据[J].重庆交通大学学报（社会科学版）,2026,26(3):93-109,17.基金项目
重庆市教育委员会科学技术研究青年项目"数字导向对重庆市制造企业数字化转型绩效的影响机制及提升对策研究"(KJQN202400755) （KJQN202400755）
