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

发布时间：2018-02-27 08:00

本文关键词： 金融危机现金股利非流通股　出处：《会计研究》2013年02期 　论文类型：期刊论文

【摘要】：论文分析了金融危机对上市公司现金股利政策的影响。研究发现,在金融危机期间,上市公司会降低现金股利支付水平,以应对未来的不确定性。但是,相比非流通股比率低的公司,非流通股比率高的公司在金融危机期间更有可能支付更多的现金股利,以满足非流通股股东对于现金的需求。研究还发现,如果公司在金融危机期间发放现金股利,则市场反应更积极,这说明公司通过股利政策向市场传递了积极的信号。但是,非流通股比率高的公司支付现金股利的市场反应要显著小于非流通股比率低的公司,这可能是市场担心非流通股股东利用现金股利侵害中小股东利益。本文研究结论为完善上市公司的现金股利政策和保护中小投资者利益提供了现实启示。
[Abstract]:This paper analyzes the impact of the financial crisis on the cash dividend policy of listed companies. It is found that, during the financial crisis, listed companies will reduce the level of cash dividend payments to cope with the uncertainty in the future. Companies with high ratios of non-tradable shares are more likely to pay more cash dividends during the financial crisis than those with low non-tradable shares to meet the cash needs of non-tradable shareholders. If a company pays cash dividends during the financial crisis, the market responds more positively, which means that the company sends a positive signal to the market through dividend policy. The market reaction of companies with high non-tradable shares to pay cash dividends is significantly lower than that of companies with low non-tradable shares ratio. This may be because the market is worried that non-tradable shareholders use cash dividends to infringe on the interests of minority shareholders. The conclusion of this paper provides practical enlightenment for perfecting the cash dividend policy of listed companies and protecting the interests of small and medium-sized investors.
【作者单位】：对外经济贸易大学国际财务与会计研究中心;中央财经大学会计学院;
【基金】：国家自然科学基金项目(71102077和71132004) 国家社会科学基金重点项目(11AZD010) 对外经济贸易大学优秀青年学者培育计划对外经济贸易大学教师学术创新团队中央财经大学211工程重点学科建设项目 2011协同创新重点培育项目”注册会计师行业发展”的资助
【分类号】：F275;F224;F831.59

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