Abstract: Aiming at manufacturing companies listed in Chinese A-share market, this paper investigated the impacts of cash dividend, stock dividend, and mixed dividend on enterprise values. First, three various dividends all enhance the values of manufacturing listed companies. The effect of cash dividend is the strongest, and the effect of stock dividend is the weakest. Secondly, only the mediating effect of cash dividends on corporate value through agency costs is significant, which accounts for 3.71% of the total effect. Thirdly, all the impacts of three various dividends on corporate value change with regions, scales, and life cycles. The power of the cash dividend is the biggest for manufacturing listed companies with larger scale or at the recession phase or in the east region. Neither the stock dividend nor mixed dividend significantly enhance the values of manufacturing listed companies in mid-western region or at maturity stage.

Key words: dividend policy, enterprise value, manufacturing listed company, empirical evidence

摘要： 以沪深A股制造业上市公司为对象，实证研究现金股利、股票股利和混合股利对公司价值的影响。结果表明：三种股利都会提高公司价值，现金股利最强，股票股利最弱；只有现金股利经代理成本到公司价值的中介效应显著，占总效应的3.71%；三种股利提升公司价值的作用在地区、规模和生命周期上都存在异质性，现金股利对中部地区的公司、大规模公司和衰退期公司的作用更大，而股票股利和混合股利对中、西部地区的公司和成熟期公司没有显著影响。

关键词: 股利分配, 公司价值, 制造业上市公司, 经验证据