基于分组固定效应模型的中国上市公司股利政策研究
Dividend Policy Research of Chinese Listed Firms Based on the Grouped Fixed Effects (GFE) Model

基于1257家主板上市公司2004—2014年的数据，运用分组固定效应模型，考量中国上市公司的股利政策。结果表明：相比其他估计技术，分组固定效应模型的研究结果更为准确。中国上市公司在股利分配政策上具有长远规划，股利政策存在异质性且缺乏稳定性，股利平均支付比率处于较低水平。
Based on 1257 A-share listed firms' data from 2004 to 2014, this paper uses the grouped fixed effects(GFE) model to consider the dividend distribution policies of Chinese listed firms the conclusion shows that compared with other estimation techniques, the result of the study is more accurate. Chinese listed firms have long term plans in dividend distribution policies, the dividend policies have a heterogeneity pattern, and the average dividend payout ratio is at a lower level.