董唤唤， 刘黄金^*

（  南京理工大学经济管理学院，南京 210094；  ）

摘要： 本文主要从我国上市公司现金股利的供给方（上市公司）与需求方（投资者）来考察现金股利是否供需平衡，即探讨迎合理论在我国股票市场上的适用性问题。特别选取股份改革以及金融危机之后的2009-2014年我国上市公司样本，以现金股利支付意愿来代表上市公司支付现金股利的倾向，以现金股利溢价指标来代表投资者对现金股利的需求，通过Logistic回归发现二者具有相同的变动趋势，即当现金股利溢价越高时，上市公司会更倾向于发放现金股利，说明迎合理论对我国股票市场具有较好的解释力。
关键词： 迎合理论；现金股利支付意愿 ；股利溢价

Dong Huanhuan， Liu huangjin^*

（  School of Economics and Management，Nanjing University of Science and Technology, Nanjing 210094；  ）

Abstract： This paper mainly examine whether cash dividends balance between supply and demand of listing corporation in China. That is to discuss the applicability of the catering theory in stock market in China. We particularly use the 2009-2014 stock market data as the sample after the equity division reform and the financial crisis. We use PTP to represent the supply of cash dividends of listing corporation and PDND to represent the requirement of cash dividends of investors. We found the both have the same trend through the logistic regression, that is to say, when the cash dividend is higher, the listed company is more likely to pay cash dividends. The catering theory well explains our stock market .
Keywords： Catering theory ;PTP; PDND

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