监管政策、股东控制与现金股利决策
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摘要
国家监管宏观政策的调整影响着企业微观的现金股利分配行为,而公司的控股股东会依据外部制度环境的变化制定符合本企业发展的股利政策。分析中国系列半强制分红监管政策出台后所引发的控股股东、股权结构、成长性与现金股利分配行为之间的选择效应。研究结果表明:中国上市公司的股利政策更遵从自由现金流量假说,而不是"掏空"假说;国家股利监管政策的制定受企业控股股东和股权结构的制约而对现金股利分配金额产生弱化效应;能够促使股权结构、企业成长性与现金股利分配稳定性之间产生强化效应;这种强化效应源于监管政策的出台,激励了具有高成长性的企业稳健分配现金股利的行为以提升企业的价值。研究为监管部门进一步梳理和完善中国上市公司的分红机制提供了理论依据和经验证明。
The micro cash dividend distribution behavior of the enterprise is affected by the adjustment of macro national regulatory policy,and the controlling shareholders of the company will formulate the dividend policy according to the changes of the external institutional environment. The article analyses the selection effect between the controlling shareholders,the ownership structure,the growth and the cash dividend distribution after the introduction of the semi compulsory dividend policy in China. The results show that the dividend policy of Chinese listed companies follows the hypothesis of free cash flow rather than the"hollowing"hypothesis. On the one hand,the formulation of the national dividend regulation policy will have a weakening effect on the amount of cash dividend distribution,affected by the controlling shareholder and the ownership structure of the enterprise. On the other hand,it can promote the strengthening effect between structure,enterprise growth and the stability of cash dividend distribution.Further exploration has found that this strengthening effect is derived from the introduction of regulatory policy,which encourages high-growth firms' steady distribution of cash dividends to enhance the value of the enterprise. The study provides theoretical basis and empirical proof for the regulatory authorities to further comb and improve the dividend mechanism of China's listed companies.
The micro cash dividend distribution behavior of the enterprise is affected by the adjustment of macro national regulatory policy,and the controlling shareholders of the company will formulate the dividend policy according to the changes of the external institutional environment. The article analyses the selection effect between the controlling shareholders,the ownership structure,the growth and the cash dividend distribution after the introduction of the semi compulsory dividend policy in China. The results show that the dividend policy of Chinese listed companies follows the hypothesis of free cash flow rather than the"hollowing"hypothesis. On the one hand,the formulation of the national dividend regulation policy will have a weakening effect on the amount of cash dividend distribution,affected by the controlling shareholder and the ownership structure of the enterprise. On the other hand,it can promote the strengthening effect between structure,enterprise growth and the stability of cash dividend distribution.Further exploration has found that this strengthening effect is derived from the introduction of regulatory policy,which encourages high-growth firms' steady distribution of cash dividends to enhance the value of the enterprise. The study provides theoretical basis and empirical proof for the regulatory authorities to further comb and improve the dividend mechanism of China's listed companies.
引文
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[15]周小川.银行不良资产与公司治理结构[J].中国工业经济,1999,(7):14-17.
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[19]Shleifer A,Vishny R W. A Survey of Corporate Governance[J]. The Journal of Finance,1997,52(2):737-783.
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[21]La Porta R,Lopez-de-Silanes F,Shleifer A,et al.Agency Problems and Dividend Policies around the World[J]. The Journal of Finance,2000,55(1):1-33.
[22]Grullon G,Michaely R,Swaminathan B. Are Dividend Changes a Sign of Firm Maturity?[J]. The Journal of Business,2002,75(3):387-424.
[23]La Porta R,Lopez-de-Silanes F,Shleifer A,et al.Investor Protection and Corporate Valuation[J]. Journal of Finance,2002:1147-1170.
[24]Lee C J,Xiao X. Cash Dividends and Large Shareholder Expropriation in China,2002[C].
[25]Baker M,Wurgler J. Appearing and Disappearing Dividends:The Link to Catering Incentives[J]. Journal of Financial Economics,2004,73(2):271-288.
[26]De Angelo H,De Angelo L,Stulz R E M. Dividend Policy and the Earned/contributed Capital mix:a Test of the life-cycle Theory[J]. Journal of Financial Economics,2006,81(2):227-254.
[2]程子健,张俊瑞.交叉上市、股权性质与企业现金股利政策———基于倾向得分匹配法(PSM)的分析[J].会计研究,2015,(7):34-41+96.
[3]丁志国,李甜,赵晶.上市公司股利政策的时间效应及其内生性[J].中国工业经济,2014,(10):122-134.
[4]董艳,李凤.管理层持股、股利政策与代理问题[J].经济学(季刊),2011,(3):1015-1038.
[5]韩勇,干胜道,张伊.机构投资者异质性的上市公司股利政策研究[J].统计研究,2013,(5):71-75.
[6]黄莲琴,屈耀辉,傅元略.大股东控制、管理层过度自信与现金股利[J].山西财经大学学报,2011,(10):105-113.
[7]雷光勇,王文忠,刘茉.政治不确定性、股利政策调整与市场效应[J].会计研究,2015,(4):33-39+95.
[8]孙刚,朱凯,陶李.产权性质、税收成本与上市公司股利政策[J].财经研究,2012,(4):134-144.
[9]王化成,李春玲,卢闯.控股股东对上市公司现金股利政策影响的实证研究.管理世界,2007,(1):122-127+136+172.
[10]吴敬琏.建立有效的公司治理结构[J].天津社会科学,1996,(1):16-18.
[11]谢军.股利政策、第一大股东和公司成长性:自由现金流理论还是掏空理论[J].会计研究,2006,(4):51-57+94-95.
[12]杨汉明.寿命周期、股利支付与企业价值[J].管理世界,2008,(4):181-182.
[13]张玮婷,王志强.地域因素如何影响公司股利政策:“替代模型”还是“结果模型”?[J].经济研究,2015,(5):76-88.
[14]支晓强,等.股权分置改革与上市公司股利政策———基于迎合理论的证据[J].管理世界,2014,(3):139-147.
[15]周小川.银行不良资产与公司治理结构[J].中国工业经济,1999,(7):14-17.
[16]祝继高,王春飞.金融危机对公司现金股利政策的影响研究———基于股权结构的视角[J].会计研究,2013,(2):38-44+94.
[17]罗琦,李辉.企业生命周期、股利决策与投资效率[J].经济评论,2015,(2):115-125.
[18]Litzenberger R H,Ramaswamy K. The Effect of Personal Taxes and Dividends on Capital Asset Prices:Theory and Empirical Evidence[J]. Journal of financial economics,1979,7(2):163-195.
[19]Shleifer A,Vishny R W. A Survey of Corporate Governance[J]. The Journal of Finance,1997,52(2):737-783.
[20]La Porta R,Lopez-de-Silanes F,Shleifer A,et al.The Quality of Government[J]. Journal of Law,Economics and Organization,1999,15(1):222-279.
[21]La Porta R,Lopez-de-Silanes F,Shleifer A,et al.Agency Problems and Dividend Policies around the World[J]. The Journal of Finance,2000,55(1):1-33.
[22]Grullon G,Michaely R,Swaminathan B. Are Dividend Changes a Sign of Firm Maturity?[J]. The Journal of Business,2002,75(3):387-424.
[23]La Porta R,Lopez-de-Silanes F,Shleifer A,et al.Investor Protection and Corporate Valuation[J]. Journal of Finance,2002:1147-1170.
[24]Lee C J,Xiao X. Cash Dividends and Large Shareholder Expropriation in China,2002[C].
[25]Baker M,Wurgler J. Appearing and Disappearing Dividends:The Link to Catering Incentives[J]. Journal of Financial Economics,2004,73(2):271-288.
[26]De Angelo H,De Angelo L,Stulz R E M. Dividend Policy and the Earned/contributed Capital mix:a Test of the life-cycle Theory[J]. Journal of Financial Economics,2006,81(2):227-254.