中文摘要：

2008年10月中国证监会颁布了《关于修改上市公司现金分红若干规定的决定》，该决定将30％的现金分红比率作为上市公司再融资的前提条件。本文利用2006—2010年中国上市公司的数据实证分析了这种半强制分红政策对上市公司现金股利策略的影响。研究结果表明，该政策的颁布提高了资产负债率水平高的企业、非国有企业以及盈利水平低的企业的现金分红水平，但是却降低了资产负债率低的企业、国有企业以及盈利水平高的企业的现金分红水平。总体来看，那些未来有融资压力的企业在政策颁布后都被迫提高现金分红水平以满足再融资要求，那些本身没有强大再融资压力的企业却降低了现金分红水平。本文的研究进一步证明，现金分红与否不适合作为衡量我国上市公司融资约束与否的有效指标。

英文摘要：

A new dividend regulation was laid out by China Securities RegulatoryCommission （CSRC） in 2008, which takes the 30% cash dividends as a prerequisite for refinancingqualifications. This paper analyzes the effect of the new regulation on the cash dividend policy of listed companies. Empirical analysis proves that after the new regulation was in effect, companies with high financial leverage and low profitability, as well as the state controlled companies have increased their cash dividend payout ratio. Meanwhile, Companies with low financial leverage and high profitability as well as the non - state controlled companies have decreased their cash dividend payout ratio. In general, companies with high refinancing pressure in the future have been forced to increase the cash dividend, while those without refinancing pressure even decrease their cash dividend.