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本文分析了我国沪深300样本公司的现金股利分配比例与投资机会之间的关系。从股利占销售额的比例和股利占经营活动现金流入的比例来看,沪深300样本公司的现金股利分配比例与投资机会之间存在较为明显的正相关关系。这一分析结果可能意味着我国上市公司存在较为严重的代理问题。
This paper analyzes the relationship between the proportion of cash dividends and the investment opportunities in the sample companies of Shanghai and Shenzhen 300. From the ratio of dividend to sales and the proportion of dividends to the cash inflow from operating activities, there is a clear positive correlation between the proportion of cash dividend distribution and investment opportunities in CSI 300 sample companies. The result of this analysis may mean that the listed companies in our country have more serious agency problems.