我国上市公司股利政策研究
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摘要
自1961年Miller和Modigliani基于严格的完美资本市场假设提出股利无关论的半个世纪以来,学者们逐渐放宽定理的假设条件,研究不完美市场中的股利政策问题,形成了众多的股利理论流派：如“一鸟在手”理论、税差理论、追随者效应理论、信号传递理论、代理理论、生命周期理论以及行为股利理论。然而,迄今为止,学者们尚未找到一个可行的理论来完整地解释公司的股利行为,而且实证研究也发现了相互矛盾的结果(Bhattacharyya,2007)。我国的股利政策研究开展较晚,并且在早期,学者们多是尝试运用西方国家得到的理论特别是信号传递和代理成本这两个理论来解释我国上市公司的股利支付行为。Lee、Xiao(2003)和原红旗(2001)等指出,由于我国制度背景和证券市场的特殊性,股利信号理论与股利代理理论对我国上市公司股利政策的适用性还存在诸多的局限性。
公司经营所得的净收益有两个去处：一是留在公司；二是分配给股东。留在公司的收益形成留存收益,是公司内部融资的主要来源；分配给股东的收益即现金股利,是股东获得投资收益的合法渠道之一。留存收益和现金股利此消彼长,因而公司的股利政策与其内部融资决策紧密相关,股利政策可以被看作一种关于盈利留存问题的融资决策。因此,从融资角度考察上市公司的股利政策能够从根本上找出股利政策的影响因素,为解释上市公司的股利支付行为提供一个新视角。本文主要从融资的两个方面来考察其对上市公司股利政策的影响：
(1)由于信息不对称和交易成本的存在,上市公司的外部融资成本显著高于其内部融资成本,即公司面临融资约束。融资约束的存在会影响到公司的内部融资决策,导致公司在面临现金流不确定时首选内部融资方式来增加现金持有,从而影响到公司的股利政策——现金股利支付和股利政策的稳定性。
(2)为了规范上市公司的现金股利支付行为以及保障中小股东的权益,从2001年开始证监会出台一系列政策将上市公司股权再融资资格的申请与其现金分红行为相挂钩。股权再融资是我国上市公司资金的主要筹集方式,因此证监会的分红政策必然会影响到上市公司再融资与其现金股利支付行为之间的关系。
本文的研究内容主要包括文献综述、我国上市公司股利支付行为的现状分析和经验研究。全文共分为七章,各章的具体内容和结论如下：
第一章为导论,主要介绍本文的选题背景、研究问题、逻辑思路、研究内容以及研究意义。
第二章对股利政策理论的研究文献进行了回顾和评述,主要有“股利无关论”、“一鸟在手”理论、税差理论、追随者效应理论、信号传递理论、代理理论、生命周期理论以及行为股利理论。同时,基于本文的研究角度,我们还着重阐述了研究融资约束和股利政策之间关系的相关文献。
第三章描述了我国上市公司股利支付行为的历史变迁和基本特点。本章主要从股利支付意愿、股利支付方式、股利支付率和股利政策连续性四个方面概括我国上市公司股利政策的特点。研究发现：①股利分配形式丰富多样,可供我国上市公司选择的股利分配方式有现金股利、送红股、转增股本以及上述三种方式的组合,其中现金股利是我国上市公司最主要的分配方式；②上市公司股利分配意愿并不强烈,上市公司不分配现象较为严重；③股利政策缺乏连续性和稳定性,呈现出阶段性的变化;④上市公司分配的现金股利呈现“群聚”现象,并且在不同行业中表现不同；⑤上市公司股利支付率普遍较低,且存在“异常低派现”和“超能力派现”的极端股利支付行为。
第四章利用我国上市公司的经验数据从融资约束的角度实证研究了其现金股利支付行为：当上市公司面临融资约束时,现金流不确定性如何影响其现金股利政策；进一步,当上市公司面临的融资约束水平不同时,现金流不确定性与现金股利政策之间的关系是否会出现差异。文章首先检验了现金流不确定性对上市公司现金股利政策的影响,然后进一步检验了在面临不同融资约束水平的上市公司中现金流不确定性与现金股利政策之间的关系是否不同。我们发现：现金流不确定性越高,公司现金股利的支付数额越小,且越倾向于不支付现金股利；并且公司面临的融资约束程度越高,现金流不确定性对现金股利支付行为的负面影响越严重；文章使用公司性质、公司规模和KZ指数来衡量公司所面临的融资约束水平,并且国有、规模较大以及KZ指数较小的上市公司面临较低的融资约束水平,则在这些上市公司中,现金流不确定性对现金股利支付行为的负面影响得以抑制。
第五章利用我国上市公司的经验数据实证研究现金流不确定、融资约束对上市公司股利政策稳定性的影响,即在面临现金流不确定和融资约束时,上市公司是否会选择其他股利支付方式来弥补其对现金股利政策的负面影响。文章首先分别考察了我国上市公司股利总量和现金股利政策的稳定性以及股利政策稳定性的年度变化趋势,然后在此基础上研究现金流不确定性与融资约束对股利支付方式的影响。我们发现：我国上市公司并不遵循稳定的股利政策；从不同类型的股利支付方式来看,现金股利政策的稳定性要高于总量股利政策；从时间序列来看,2000年开始,我国上市公司股利政策的稳定性有所加强；融资约束一方面降低上市公司支付现金股利的倾向,但同时也会通过提高其支付股票股利分配的倾向使得企业保持较为稳定的总量分配政策；现金流不确定性则会降低上市公司各种形式的股利分配。
第六章利用我国上市公司的经验数据实证研究了上市公司再融资动机与其现金股利支付行为之间的关系,并在此基础上考察证监会分红政策对二者关系的影响。文章首先考察上市公司再融资和股权再融资动机对现金股利政策的影响；然后进一步着重考察了证监会政策对二者之间的关系造成的影响；最后文章初步评估了证监会的政策效果。我们发现：具有再融资动机的上市公司倾向于不支付或者少支付现金股利,但是这个负面影响在2001年证监会一系列政策颁布后受到削弱；证监会的分红政策的确增强了具有股权再融资动机的上市公司支付现金股利的意愿并增加了现金股利支付数额；最后,我们发现许多上市公司为了迎合证监会的规定象征性地支付现金股利。
第七章为全文的总结,本章首先总结了本文的研究所得出的重要结论,然后提出本文的研究启示和未来研究方向。
本文在吸收和借鉴国内外研究成果的基础上,从融资角度考察我国上市公司的股利政策,具有一定的创新性：(1)在已有文献的基础上系统阐述并验证了现金流不确定性对上市公司股利政策的影响,并进一步从融资约束角度对二者的关系进行验证,发现融资约束加剧了现金流不确定性对现金股利支付行为的负面影响；(2)在分别考察我国现金股利和总量股利政策稳定性的基础上,进一步研究了我国股利政策稳定性的变化趋势,并且考察了现金流不确定性、融资约束对股利政策稳定性的影响；(3)首次系统地检验了证监会政策对上市公司股利政策的影响,并且评估了该政策的效果。
本文的局限性在于：(1)仅仅从经验研究的角度探讨融资对股利政策的影响,未能进一步构建一个理论模型来支持文章的实证发现；(2)仅仅考察了现金流不确定性、融资约束和证监会分红政策对上市公司股利政策的短期影响,并没有考察这些因素对股利政策的长期影响。
Based on the assumption of perfect and complete capital market, Miller & Modigliani (1961) argue that dividend is irrelevant to corporate value. From then on, scholars develop many theories to explain the dividend policy. However, there have no agreements yet.
Firm's net earnings are consists of retained earnings and dividend. Retained earnings are sources of internal financing. Therefore, dividend policy is closely related to company's finance decision. So this paper studies the behavior of payout from the aspect of financing.
Firstly, for the existence of asymmetric information and transaction costs, the actual capital market is not perfect. External financing cost is much higher than the internal financing cost obviously, i.e.. company suffers from financial constraint. Secondly, the policies issued by the Securities Regulatory Commission directly link corporate's qualifications for refinancing to cash dividend distribution. The above two may affect corporate's dividend policy.
The paper begins with a literature review and then followed by background analysis and empirical research. It is divided into seven chapters.
Chapter one is an introduction of the research background, issues, contents, framework and the contribution of the paper.
Chapter two is the literature review of research on dividend policy and financial constraint. We first introduce the dividend irrelevance theory which proposed by Miller & Modigliani. Then we introduce theories which relax the assumption of MM theorem, such as taxes clienteles, signal theory and agency theory and so on. Finally, we introduce the research on financial constraint, specially the relation between dividend policy and financial constraint.
Chapter three shows the character of listed companies in China. This paper focus on the following four aspects:(1) whether to payout, (2) how to payout, (3) how many to payout, and (4) dividend smoothing. And we find listed company is unwilling to pay dividend and the amount of dividend is relative low.
Chapter four provides evidence about how cash-flow uncertainty affects corporate payout policy from the view of financial constraint. Using all the A-share listed corporations in Shanghai and Shenzhen stock exchanges during 2003 and 2006 as sample, we find that cash-flow uncertainty has a negative impact on the amount of dividends as well as the probability of paying dividends. We use three different criterion of financial constraint——the nature of enterprise、firm size and KZ-index to distinguish financial constraint corporation and non-financial constraint corporation and find that cash-flow uncertainty has smaller negative effect on payout policy in corporate facing lower financial constraint.
Chapter five is empirical research on the relationship between cash flow uncertainty, financial constraint and dividend smoothing. We examine that whether company follow stable dividend policy and choose other way to payout when they face cash flow uncertainty and financial constraint. We find that company is unwilling to smooth its dividend. However, the dividend policy is more stable from 2000. And cash flow uncertainty and financial constraint also have negative impact on dividend smoothing.
Chapter six examine whether the motivation for refinancing affects the company's cash dividend policy. Using data about China's listed companies from 1999 to 2009, our empirical analysis shows that before 2001, the relationship between motivation for refinancing and the cash dividend is not obvious, but since 2001, after the Securities Regulatory Commission (SFC) introduced a policy that directly linked qualifications for refinancing to corporate cash dividend situations, companies with higher motivation of refinancing are more likely to pay cash dividends or pay more cash dividends.
Chapter seven is the conclusion of this paper. It consists of the research finding, the advice we made, the limitations of this paper and the directions for future research.
The major contributions of this paper are in the following aspects. (1) From the aspect of financial constraint, we do empirical research on the relationship between cash flow uncertainty and dividend policy. (2) We study the impact of cash flow uncertainty and financial constraint on dividend smoothing. (3) The first time to examine and evaluate the impact of SFC's policy on the listed company's dividend policy.
公司经营所得的净收益有两个去处：一是留在公司；二是分配给股东。留在公司的收益形成留存收益,是公司内部融资的主要来源；分配给股东的收益即现金股利,是股东获得投资收益的合法渠道之一。留存收益和现金股利此消彼长,因而公司的股利政策与其内部融资决策紧密相关,股利政策可以被看作一种关于盈利留存问题的融资决策。因此,从融资角度考察上市公司的股利政策能够从根本上找出股利政策的影响因素,为解释上市公司的股利支付行为提供一个新视角。本文主要从融资的两个方面来考察其对上市公司股利政策的影响：
(1)由于信息不对称和交易成本的存在,上市公司的外部融资成本显著高于其内部融资成本,即公司面临融资约束。融资约束的存在会影响到公司的内部融资决策,导致公司在面临现金流不确定时首选内部融资方式来增加现金持有,从而影响到公司的股利政策——现金股利支付和股利政策的稳定性。
(2)为了规范上市公司的现金股利支付行为以及保障中小股东的权益,从2001年开始证监会出台一系列政策将上市公司股权再融资资格的申请与其现金分红行为相挂钩。股权再融资是我国上市公司资金的主要筹集方式,因此证监会的分红政策必然会影响到上市公司再融资与其现金股利支付行为之间的关系。
本文的研究内容主要包括文献综述、我国上市公司股利支付行为的现状分析和经验研究。全文共分为七章,各章的具体内容和结论如下：
第一章为导论,主要介绍本文的选题背景、研究问题、逻辑思路、研究内容以及研究意义。
第二章对股利政策理论的研究文献进行了回顾和评述,主要有“股利无关论”、“一鸟在手”理论、税差理论、追随者效应理论、信号传递理论、代理理论、生命周期理论以及行为股利理论。同时,基于本文的研究角度,我们还着重阐述了研究融资约束和股利政策之间关系的相关文献。
第三章描述了我国上市公司股利支付行为的历史变迁和基本特点。本章主要从股利支付意愿、股利支付方式、股利支付率和股利政策连续性四个方面概括我国上市公司股利政策的特点。研究发现：①股利分配形式丰富多样,可供我国上市公司选择的股利分配方式有现金股利、送红股、转增股本以及上述三种方式的组合,其中现金股利是我国上市公司最主要的分配方式；②上市公司股利分配意愿并不强烈,上市公司不分配现象较为严重；③股利政策缺乏连续性和稳定性,呈现出阶段性的变化;④上市公司分配的现金股利呈现“群聚”现象,并且在不同行业中表现不同；⑤上市公司股利支付率普遍较低,且存在“异常低派现”和“超能力派现”的极端股利支付行为。
第四章利用我国上市公司的经验数据从融资约束的角度实证研究了其现金股利支付行为：当上市公司面临融资约束时,现金流不确定性如何影响其现金股利政策；进一步,当上市公司面临的融资约束水平不同时,现金流不确定性与现金股利政策之间的关系是否会出现差异。文章首先检验了现金流不确定性对上市公司现金股利政策的影响,然后进一步检验了在面临不同融资约束水平的上市公司中现金流不确定性与现金股利政策之间的关系是否不同。我们发现：现金流不确定性越高,公司现金股利的支付数额越小,且越倾向于不支付现金股利；并且公司面临的融资约束程度越高,现金流不确定性对现金股利支付行为的负面影响越严重；文章使用公司性质、公司规模和KZ指数来衡量公司所面临的融资约束水平,并且国有、规模较大以及KZ指数较小的上市公司面临较低的融资约束水平,则在这些上市公司中,现金流不确定性对现金股利支付行为的负面影响得以抑制。
第五章利用我国上市公司的经验数据实证研究现金流不确定、融资约束对上市公司股利政策稳定性的影响,即在面临现金流不确定和融资约束时,上市公司是否会选择其他股利支付方式来弥补其对现金股利政策的负面影响。文章首先分别考察了我国上市公司股利总量和现金股利政策的稳定性以及股利政策稳定性的年度变化趋势,然后在此基础上研究现金流不确定性与融资约束对股利支付方式的影响。我们发现：我国上市公司并不遵循稳定的股利政策；从不同类型的股利支付方式来看,现金股利政策的稳定性要高于总量股利政策；从时间序列来看,2000年开始,我国上市公司股利政策的稳定性有所加强；融资约束一方面降低上市公司支付现金股利的倾向,但同时也会通过提高其支付股票股利分配的倾向使得企业保持较为稳定的总量分配政策；现金流不确定性则会降低上市公司各种形式的股利分配。
第六章利用我国上市公司的经验数据实证研究了上市公司再融资动机与其现金股利支付行为之间的关系,并在此基础上考察证监会分红政策对二者关系的影响。文章首先考察上市公司再融资和股权再融资动机对现金股利政策的影响；然后进一步着重考察了证监会政策对二者之间的关系造成的影响；最后文章初步评估了证监会的政策效果。我们发现：具有再融资动机的上市公司倾向于不支付或者少支付现金股利,但是这个负面影响在2001年证监会一系列政策颁布后受到削弱；证监会的分红政策的确增强了具有股权再融资动机的上市公司支付现金股利的意愿并增加了现金股利支付数额；最后,我们发现许多上市公司为了迎合证监会的规定象征性地支付现金股利。
第七章为全文的总结,本章首先总结了本文的研究所得出的重要结论,然后提出本文的研究启示和未来研究方向。
本文在吸收和借鉴国内外研究成果的基础上,从融资角度考察我国上市公司的股利政策,具有一定的创新性：(1)在已有文献的基础上系统阐述并验证了现金流不确定性对上市公司股利政策的影响,并进一步从融资约束角度对二者的关系进行验证,发现融资约束加剧了现金流不确定性对现金股利支付行为的负面影响；(2)在分别考察我国现金股利和总量股利政策稳定性的基础上,进一步研究了我国股利政策稳定性的变化趋势,并且考察了现金流不确定性、融资约束对股利政策稳定性的影响；(3)首次系统地检验了证监会政策对上市公司股利政策的影响,并且评估了该政策的效果。
本文的局限性在于：(1)仅仅从经验研究的角度探讨融资对股利政策的影响,未能进一步构建一个理论模型来支持文章的实证发现；(2)仅仅考察了现金流不确定性、融资约束和证监会分红政策对上市公司股利政策的短期影响,并没有考察这些因素对股利政策的长期影响。
Based on the assumption of perfect and complete capital market, Miller & Modigliani (1961) argue that dividend is irrelevant to corporate value. From then on, scholars develop many theories to explain the dividend policy. However, there have no agreements yet.
Firm's net earnings are consists of retained earnings and dividend. Retained earnings are sources of internal financing. Therefore, dividend policy is closely related to company's finance decision. So this paper studies the behavior of payout from the aspect of financing.
Firstly, for the existence of asymmetric information and transaction costs, the actual capital market is not perfect. External financing cost is much higher than the internal financing cost obviously, i.e.. company suffers from financial constraint. Secondly, the policies issued by the Securities Regulatory Commission directly link corporate's qualifications for refinancing to cash dividend distribution. The above two may affect corporate's dividend policy.
The paper begins with a literature review and then followed by background analysis and empirical research. It is divided into seven chapters.
Chapter one is an introduction of the research background, issues, contents, framework and the contribution of the paper.
Chapter two is the literature review of research on dividend policy and financial constraint. We first introduce the dividend irrelevance theory which proposed by Miller & Modigliani. Then we introduce theories which relax the assumption of MM theorem, such as taxes clienteles, signal theory and agency theory and so on. Finally, we introduce the research on financial constraint, specially the relation between dividend policy and financial constraint.
Chapter three shows the character of listed companies in China. This paper focus on the following four aspects:(1) whether to payout, (2) how to payout, (3) how many to payout, and (4) dividend smoothing. And we find listed company is unwilling to pay dividend and the amount of dividend is relative low.
Chapter four provides evidence about how cash-flow uncertainty affects corporate payout policy from the view of financial constraint. Using all the A-share listed corporations in Shanghai and Shenzhen stock exchanges during 2003 and 2006 as sample, we find that cash-flow uncertainty has a negative impact on the amount of dividends as well as the probability of paying dividends. We use three different criterion of financial constraint——the nature of enterprise、firm size and KZ-index to distinguish financial constraint corporation and non-financial constraint corporation and find that cash-flow uncertainty has smaller negative effect on payout policy in corporate facing lower financial constraint.
Chapter five is empirical research on the relationship between cash flow uncertainty, financial constraint and dividend smoothing. We examine that whether company follow stable dividend policy and choose other way to payout when they face cash flow uncertainty and financial constraint. We find that company is unwilling to smooth its dividend. However, the dividend policy is more stable from 2000. And cash flow uncertainty and financial constraint also have negative impact on dividend smoothing.
Chapter six examine whether the motivation for refinancing affects the company's cash dividend policy. Using data about China's listed companies from 1999 to 2009, our empirical analysis shows that before 2001, the relationship between motivation for refinancing and the cash dividend is not obvious, but since 2001, after the Securities Regulatory Commission (SFC) introduced a policy that directly linked qualifications for refinancing to corporate cash dividend situations, companies with higher motivation of refinancing are more likely to pay cash dividends or pay more cash dividends.
Chapter seven is the conclusion of this paper. It consists of the research finding, the advice we made, the limitations of this paper and the directions for future research.
The major contributions of this paper are in the following aspects. (1) From the aspect of financial constraint, we do empirical research on the relationship between cash flow uncertainty and dividend policy. (2) We study the impact of cash flow uncertainty and financial constraint on dividend smoothing. (3) The first time to examine and evaluate the impact of SFC's policy on the listed company's dividend policy.
引文
①Jensen, M.C. and Meckling. W.H.,1976. Theory of the firm:Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3, P305-360
①吕长江、周县华,2005：《公司治理结构与股利分配动机——基于代理成本和利益侵占的分析》,《南开管理评论》第8期。
② La Porta, R., Lopez-de-Silanes, F., Schleifer, A.和 Vishny, R., 2000b, Investor protection and corporate governance, Journal of Financial Economics 58,6
①宋福铁、屈文洲(2010)研究发现,我国上市公司是否支付现金股利呈现生命周期特征,而现金股利支付率则不具有生命周期特征。
②Miller, M.H.,1986, Behavioral Rationality in Finance:The Case of Dividends, Journal of Business 59。
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1.巴曙松、刘孝红、牛播坤(2005)：《转型时期中国金融体系中的地方治理与银行改革的互动研究》,《金融研究》第5期。
2.鲍恩斯、吴溪、李辉,2004：《证券市场配股政策的变迁及其市场影响》,《证券市场导报》第10期。
3.曹媛媛、冯东辉,2004：《我国上市公司股利政策的信息内涵：基于股利政策稳定性的实证研究》,《系统工程》第2期。
4.陈浪南、姚正春,2000：《我国股利政策信号传递作用的实证研究》,《金融研究》第10期。
5.陈其安、方彩霞、肖映红,2010：《急于上市公司高管人员过度自信的股利分配决策模型研究》,《中国管理科学》第3期。
6.陈炜,2003,“中国股票市场股利政策和市场效率演变分析”,第二届实证会计研讨会论文集：386-392.
7.陈小悦、陈晓、顾斌,1997：《中国股市弱型效率的实证研究》,《会计研究》第9期。
8.陈小悦、肖星、过晓艳,2000,《配股权与上市公司利润操纵》,《经济研究》第1期。
9.陈信元、陈冬华、时旭,2003：《公司治理与现金股利：基于佛山照明的案例研究》,《管理世界》第8期。
10.陈燕、罗宏,2008,《我国上市公司现金股利政策的理论解释》,《财会月刊(理论)》第1期。
11.程敏,2009：《制度环境、现金股利政策和投资者保护》,《上海立信会计学院学报》第2期。
12.邓建平、曾勇,2005：《控股股东利益导向和非理性分红》,《系统工程理论方法应用》第5期。
13.杜斌等,2004,《Earnings Management at Thresholds-Evidence from Rights Issues in China》, working paper。
14.冯巍,1999：《内部现金流量和企业投资——来自我国股票市场上市公司财务报告的证据》,《经济科学》第1期。
15.高雷、宋顺林,2008,《关联交易、线下项目与盈余管理——来自中国上市公司的经验数据》,《中国会计评论》第6期。
16.高晓红,2000：《产权效率与市场效率：我国上市公司股权融资偏好分析》,《投资研究》第8期。
17.何涛、陈晓,2002：《现金股利政策能否提高企业的市场价值——1997-1999年上市公司会计年度报告期间的实证分析》,《金融研究》第8期。
18.何涛、崔铁,2002：《关于红股征收个人所得税的探析》,《税务研究》第4期。
19.黄果、陈收,2004：《上市公司非理性股利政策的行为金融分析》,《管理评论》第11期。
20.黄建中,2007：《股利所得不应纳入“年所得”申报范畴》,《财会月刊》第13期。
21.黄娟娟,2009：《行为股利政策——基于我国上市公司股利“群聚”现象的研究》,厦门大学博士学位论文。
22.黄娟娟、沈艺峰,2007：《上市公司的股利政策究竟迎合了谁的需要——来自中国上市公司的经验数据》,《会计研究》第8期。
23.黄少安、张岗,2001：《中国上市公司股权融资偏好分析》,《经济研究》第11期。
24.蒋殿春,2003：《中国上市公司资本结构和融资倾向》,《世界经济》第7期。
25.蒋义宏、魏刚,1998,《ROE是否已被操纵——关于上市公司净资产收益率的实证研究》,《中国证券报》。
26.江伟、李斌,2006：《制度环境、国有产权与银行差别贷款金融研究》,《金融研究》第11期
27.孔小文、于笑坤,2003：《上市公司股利政策信号传递效应的实证分析》,《管理世界》第6期。
28.蓝发钦,2001：《中国上市公司股利政策论》,华东师范大学出版社。
29.雷光勇、刘慧龙,2007：《市场化进程、最终控制人性质与现金股利行为——来自中国A股公司的经验数据》,《管理世界》第7期。
30.李秉祥、张明、武晓春,2007：《经理管理防御对现金股利支付影响的实证研究》,《中南财经政法大学学报》第6期。
31.李常青、魏志华、吴世农,2010：《半强制分红政策的市场反应研究》,《经济研究》第3期。
32.李延喜、杜瑞、高锐、李宁,2007：《上市公司投资支出与融资约束敏感性研究》,《管理科学》第1期。
33.李增泉、孙铮、王志伟,2004：《“掏空”与所有权安排——来自我国上市公司大股东资金占用的经验证据》,《会计研究》第12期。
34.李增福、张淑芳,2010：《股利所得税减免能提高上市公司的现金股利支付吗——基于财税[2005]102号文的研究》,《财贸经济》第5期。
35.李悦、熊德华、张铮、刘力,2008：《中国上市公司如何选择融资渠道——基于问卷调查的研究》,《金融研究》第8期。
36.李卓、宋玉,2007：《股利政策、盈余持续性与信号显示》,《南开管理评论》第1期。
37.连玉君,2009：《中国上市公司投资效率研究》,经济管理出版社。
38.连玉君、程建,2007：《投资——现金流敏感性：融资约束还是代理成本?》,《财经研究》第2期。
39.廖理、方芳,2004：《管理层持股、股利政策与上市公司代理成本》,《统计研究》第12期。
40.廖理、方芳,2005：《股利政策代理理论的实证检验》,《南开管理评论》第5期。
41.林晨、汪强、吴世农,2008：《融资约束、现金流状态与投资——现金流敏感性》,《管理学家(学术版)》第2期。
42.林海,2000：《股利政策与上市公司收益的实证研究》,《世界经济》第5期。
43.林毅夫、李志赞,2004：《政策性负担、道德风险与预算软约束》,《经济研究》第2期。
44.刘峰、贺建刚、魏明海,2004：《控制权、业绩与利益输送——基于五粮液的案例研究》,《管理世界》第8期。
45.刘淑莲、胡燕鸿,2003：《中国上市公司现金分红实证分析》,《会计研究》第4期。
46.刘星、李豫湘,1998,《灰色关联度评价法在股利政策中相关因素分析中的应用》,《系统工程理论与实践》第9期。
47.刘志君,2010：《中国上市公司股利政策的稳定性分析》,《生产力研究》第8期。
48.卢峰、姚洋,2004：《金融压抑下的法治、金融发展和经济增长》,《中国社会科学》第1期。
49.陆宇建,2002：《上市公司基于配股权的盈余管理行为实证分析》,《南京社会科学》第3期。
50.陆正飞、高强,2003：《中国上市公司融资行为研究——基于问卷调查的分析》,《会计研究》第10期。
51.陆正飞、叶康涛,2004：《中国上市公司股权融资偏好解析——偏好股权融资就是缘于融资成本低吗?》,《经济研究》第4期。
52.陆正飞、王春飞、王鹏,《激进股利政策的影响因素及其经济后果》,《金融研究》第6期。
53.罗宏、黄文华,2008：《国企分红、在职消费与公司业绩》,《管理世界》第9期。
54.吕长江、许静静,2010：《基于股利变更公告的股利信号效应研究》,《南开管理评论》第2期。
55.吕长江、王克敏,1999：《上市公司股利政策的实证分析》,《经济研究》第12期。
56.吕长江、周县华,2005：《公司治理结构与股利分配动机——基于代理成本和利益侵占的分析》,《南开管理评论》第8期。
57.马曙光、黄志忠、薛云奎,2005：《股权分置、资金侵占与上市公司现金股利政策》,《会计研究》第9期。
58.齐寅峰等,2005：《中国企业投融资行为研究——基于问卷调查结果的分析》,《管理世界》第3期。
59.秦钟灵,2006：《中国上市公司股利政策的稳定性：现状及成因分析》,《金融经济(理论版)》第8期。
60.任有泉,2006：《中国上市公司股利政策稳定性的实证研究》,《清华大学学报(哲学社会科学版)》第1期。
61.沈艺峰、肖珉、黄娟娟,2005：《中小投资者法律保护与公司权益资本成本》,《经济研究》第6期。
62.宋福铁、屈文洲,2010：《基于企业生命周期理论的现金股利分配实证研究》,《中国工业经济》第2期。
63.孙铮、李增泉、王景斌,2006：《所有权性质、会计信息与债务契约——来自我国上市公司的经验数据》,《管理世界》第10期。
64.唐国正,2005：《股权二元结构对公司分配方式的影响》,《金融研究》第5期。
65.唐宗明、余颖、俞乐,2005：《我国上市公司控制权私人收益的经验研究》,《系统工程理论方法应用》第12期。
66.田成诗,2008：《政策事件对中国证券市场波动的影响研究》,东北财经大学出版社。
67.万良勇,2005：《集团内部资本市场、产权性质与上市公司融资约束》,中国第四届实证会计国际研讨会论文集。
68.王化成、李春玲、卢闯,2007：《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》第1期。
69.王开国,2001：《中国证券市场超常规创新的理性思考》,《中国社会科学》第1期。
70.王曼舒、齐寅峰,2005：《现金股利与投资者偏好的实证分析》,《经济问题探索》第12期。
71.王信,2002：《从代理理论看上市公司的派现行为》,《金融研究》第9期。
72.王彦超,2009：《融资约束、现金持有与过度投资》,《金融研究》第7期。
73.王志强,2004：《税收影响我国上市公司股利政策的实证研究》,《税务研究》第7期。
74.魏锋、孔煜,2005：《融资约束、不确定性与公司投资行为——基于我国制造业上市公司的实证分析》,《中国软科学》第3期。
75.魏锋、刘星,2004：《融资约束、不确定性对公司投资行为的影响》,《经济科学》第2期。
76.魏刚,1998：《我国上市公司股利分配的实证研究》,《经济研究》第6期。
77.魏刚,2000：《非对称信息下的股利政策》,《经济科学》第2期。
78.魏刚、蒋义宏,2001：《中国上市公司股利分配问卷调查报告》,《经济科学》第4期。
79.伍利娜、高强、彭燕,2003,“中国上市公司“异常高派现”影响因素研究”,《经济科学》第1期。
80.肖珉,2005：《自由现金流量、利益输送与现金股利》,《经济科学》第2期。
81.肖星、陈晓,2002：《股利政策与外部股东保护》,《新经济环境下的会计与财务问题研讨会论文集》。
82.谢军,2006：《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》,《会计研究》第4期。
83.徐龙炳、李科,2010：《政治关系如何影响公司价值：融资约束与行业竞争的证据》,《财经研究》第10期。
84.阎达五、耿建新、刘文鹏,2001,《我国上市公司配股融资行为的实证研究》,《会计研究》第9期。
85.阎大颖,2004：《中国上市公司控股股东价值取向对股利政策影响的实证研究》,《南开经济研究》第6期。
86.阎大颖,2005：《流通股东偏好对上市公司股利政策影响的实证初探》,《会计之友(B)》第3期。
87.杨汉明,2008：《股利政策与企业价值》,经济科学出版社。
88.杨汉明,2008：《寿命周期、股利支付与企业价值》,《管理世界》第4期。
89.杨熠、沈艺峰,2004：《现金股利：传递盈利信号还是起监督治理作用》,《中国会计评论》第1期。
90.应展宇,2004：《股权分裂、激励问题与股利政策——中国股利之谜及其成因分析》,《管理世界》第7期。
91.俞乔、程滢,2001：《我国公司红利政策与股市波动》,《经济研究》第4期。
92.袁国良、郑江淮、胡志乾,1999：《我国上市公司融资偏好和融资能力的实证研究》,《管理世界》第3期。
93.原红旗,,2001：《中国上市公司股利政策分析》,《财经研究》第3期。
94.原红旗,2004：《中国上市公司股利政策分析》,中国财政经济出版社
95.袁天荣,苏红亮,2004：《上市公司超能力派现的实证研究》,《会计研究》第10期。
96.曾亚敏、张俊生,2005：《股利所得税削减对权益资产价格的影响——以财税[2005]102为背景的事件研究》,《经济科学》第6期。
97.张纯、吕伟,2007：《机构投资者、终极产权与融资约束》,《管理世界》第11期。
98.张纯、吕伟,2009：《信息环境、融资约束与现金股利》,《金融研究》第7期。
99.张杰,2000：《民营经济的金融困境与融资次序》,《经济研究》第4期。
100.张莉芳、赵敏、张小玲,2005：《股利政策与公司盈余——基于稳定性研究》,《财会通讯(、学术版)》第11期。
101.张玲、刘启亮,2009：《治理环境、控制人性质与债务契约假说》,《金融研究》第2期。
102.赵春光、张雪丽、叶龙,2001：《股利政策：选择动因——来自我国证券市场的实证证据》,《财经研究》第2期。
103.郑江淮、何旭强、王华,2001：《上市公司投资的融资约束：从股权结构角度的实证分析》,《金融研究》第11期。
104.钟田丽、郭亚军、王丽春,2003：《现金股利与上市公司未来收益的实证分析》,《东北大学学报(自然科学版)》第10期。
105.周晓苏、朱德胜,2006：《股权结构、财务绩效与现金股利》,,《当代财经》第5期。
106.朱红军、何贤杰、陈信元,2006：《金融发展、预算软约束与企业投资》,《会计研究》第10期。
①吕长江、周县华,2005：《公司治理结构与股利分配动机——基于代理成本和利益侵占的分析》,《南开管理评论》第8期。
② La Porta, R., Lopez-de-Silanes, F., Schleifer, A.和 Vishny, R., 2000b, Investor protection and corporate governance, Journal of Financial Economics 58,6
①宋福铁、屈文洲(2010)研究发现,我国上市公司是否支付现金股利呈现生命周期特征,而现金股利支付率则不具有生命周期特征。
②Miller, M.H.,1986, Behavioral Rationality in Finance:The Case of Dividends, Journal of Business 59。
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37.连玉君,2009：《中国上市公司投资效率研究》,经济管理出版社。
38.连玉君、程建,2007：《投资——现金流敏感性：融资约束还是代理成本?》,《财经研究》第2期。
39.廖理、方芳,2004：《管理层持股、股利政策与上市公司代理成本》,《统计研究》第12期。
40.廖理、方芳,2005：《股利政策代理理论的实证检验》,《南开管理评论》第5期。
41.林晨、汪强、吴世农,2008：《融资约束、现金流状态与投资——现金流敏感性》,《管理学家(学术版)》第2期。
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45.刘淑莲、胡燕鸿,2003：《中国上市公司现金分红实证分析》,《会计研究》第4期。
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48.卢峰、姚洋,2004：《金融压抑下的法治、金融发展和经济增长》,《中国社会科学》第1期。
49.陆宇建,2002：《上市公司基于配股权的盈余管理行为实证分析》,《南京社会科学》第3期。
50.陆正飞、高强,2003：《中国上市公司融资行为研究——基于问卷调查的分析》,《会计研究》第10期。
51.陆正飞、叶康涛,2004：《中国上市公司股权融资偏好解析——偏好股权融资就是缘于融资成本低吗?》,《经济研究》第4期。
52.陆正飞、王春飞、王鹏,《激进股利政策的影响因素及其经济后果》,《金融研究》第6期。
53.罗宏、黄文华,2008：《国企分红、在职消费与公司业绩》,《管理世界》第9期。
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57.马曙光、黄志忠、薛云奎,2005：《股权分置、资金侵占与上市公司现金股利政策》,《会计研究》第9期。
58.齐寅峰等,2005：《中国企业投融资行为研究——基于问卷调查结果的分析》,《管理世界》第3期。
59.秦钟灵,2006：《中国上市公司股利政策的稳定性：现状及成因分析》,《金融经济(理论版)》第8期。
60.任有泉,2006：《中国上市公司股利政策稳定性的实证研究》,《清华大学学报(哲学社会科学版)》第1期。
61.沈艺峰、肖珉、黄娟娟,2005：《中小投资者法律保护与公司权益资本成本》,《经济研究》第6期。
62.宋福铁、屈文洲,2010：《基于企业生命周期理论的现金股利分配实证研究》,《中国工业经济》第2期。
63.孙铮、李增泉、王景斌,2006：《所有权性质、会计信息与债务契约——来自我国上市公司的经验数据》,《管理世界》第10期。
64.唐国正,2005：《股权二元结构对公司分配方式的影响》,《金融研究》第5期。
65.唐宗明、余颖、俞乐,2005：《我国上市公司控制权私人收益的经验研究》,《系统工程理论方法应用》第12期。
66.田成诗,2008：《政策事件对中国证券市场波动的影响研究》,东北财经大学出版社。
67.万良勇,2005：《集团内部资本市场、产权性质与上市公司融资约束》,中国第四届实证会计国际研讨会论文集。
68.王化成、李春玲、卢闯,2007：《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》第1期。
69.王开国,2001：《中国证券市场超常规创新的理性思考》,《中国社会科学》第1期。
70.王曼舒、齐寅峰,2005：《现金股利与投资者偏好的实证分析》,《经济问题探索》第12期。
71.王信,2002：《从代理理论看上市公司的派现行为》,《金融研究》第9期。
72.王彦超,2009：《融资约束、现金持有与过度投资》,《金融研究》第7期。
73.王志强,2004：《税收影响我国上市公司股利政策的实证研究》,《税务研究》第7期。
74.魏锋、孔煜,2005：《融资约束、不确定性与公司投资行为——基于我国制造业上市公司的实证分析》,《中国软科学》第3期。
75.魏锋、刘星,2004：《融资约束、不确定性对公司投资行为的影响》,《经济科学》第2期。
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78.魏刚、蒋义宏,2001：《中国上市公司股利分配问卷调查报告》,《经济科学》第4期。
79.伍利娜、高强、彭燕,2003,“中国上市公司“异常高派现”影响因素研究”,《经济科学》第1期。
80.肖珉,2005：《自由现金流量、利益输送与现金股利》,《经济科学》第2期。
81.肖星、陈晓,2002：《股利政策与外部股东保护》,《新经济环境下的会计与财务问题研讨会论文集》。
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83.徐龙炳、李科,2010：《政治关系如何影响公司价值：融资约束与行业竞争的证据》,《财经研究》第10期。
84.阎达五、耿建新、刘文鹏,2001,《我国上市公司配股融资行为的实证研究》,《会计研究》第9期。
85.阎大颖,2004：《中国上市公司控股股东价值取向对股利政策影响的实证研究》,《南开经济研究》第6期。
86.阎大颖,2005：《流通股东偏好对上市公司股利政策影响的实证初探》,《会计之友(B)》第3期。
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91.俞乔、程滢,2001：《我国公司红利政策与股市波动》,《经济研究》第4期。
92.袁国良、郑江淮、胡志乾,1999：《我国上市公司融资偏好和融资能力的实证研究》,《管理世界》第3期。
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95.袁天荣,苏红亮,2004：《上市公司超能力派现的实证研究》,《会计研究》第10期。
96.曾亚敏、张俊生,2005：《股利所得税削减对权益资产价格的影响——以财税[2005]102为背景的事件研究》,《经济科学》第6期。
97.张纯、吕伟,2007：《机构投资者、终极产权与融资约束》,《管理世界》第11期。
98.张纯、吕伟,2009：《信息环境、融资约束与现金股利》,《金融研究》第7期。
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101.张玲、刘启亮,2009：《治理环境、控制人性质与债务契约假说》,《金融研究》第2期。
102.赵春光、张雪丽、叶龙,2001：《股利政策：选择动因——来自我国证券市场的实证证据》,《财经研究》第2期。
103.郑江淮、何旭强、王华,2001：《上市公司投资的融资约束：从股权结构角度的实证分析》,《金融研究》第11期。
104.钟田丽、郭亚军、王丽春,2003：《现金股利与上市公司未来收益的实证分析》,《东北大学学报(自然科学版)》第10期。
105.周晓苏、朱德胜,2006：《股权结构、财务绩效与现金股利》,,《当代财经》第5期。
106.朱红军、何贤杰、陈信元,2006：《金融发展、预算软约束与企业投资》,《会计研究》第10期。