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-  2018 


DOI: 10.13543/j.bhxbzr.2018.03.019

Keywords: 纵向数据,广义部分线性混合模型,贝叶斯分析,现金股利,
longitudinal data
,generalized partial linear mixed model,Bayes analysis,cash dividends

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Abstract:Based on the longitudinal data for twelve Chinese A-share listed companies from 2004 to 2011, the factors affecting the cash dividend payment tendency of China's A-share listed companies are analyzed from the aspects of growth, management and stock ownership structure. By establishing a logistic generalized partial linear mixed effect model with eight observation variables, namely scale, growth level, financing level, debt service level, cash flow level, profit level of shareholders, per capita GDP and the proportion of the first large shareholders, the model parameters were estimated by using Bayesian statistical methods, and the results compared with the actual cash dividend payments of the A-share listed companies. The results show that the model used in this paper can correctly explain the factors influencing the cash dividend payment tendency of the listed companies.


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