政府官员腐败与上市公司现金分红

发布时间：2018-06-04 04:44

本文选题：政府官员腐败 + 现金分红　；参考：《会计之友》2017年20期

【摘要】：现金分红一直以来都是资本市场关注的焦点,鼓励和引导上市公司进行连续现金分红也一直是我国政府监管部门引导利润分配的方向,文章关注政府官员腐败这一外部治理环境对上市公司现金分红的影响。通过搜集2003—2014年我国各地区政府官员腐败数据发现,地方官员腐败抑制了所在地区的上市公司现金分红,腐败越严重,上市公司分红意愿越弱,分红比例也越低。同时,地方官员腐败制约了所在地区的上市公司连续分红,腐败越严重,上市公司连续分红的比率越低。文章为上市公司权衡外部治理环境与公司经营政策利弊提供有意义的参考,同时,我国政府应继续坚定不移地进行政府官员反腐,这不仅有利于社会稳定和宏观经济发展,还对企业微观治理具有重要的实践影响。
[Abstract]:Cash dividends have always been the focus of attention in the capital market. Encouraging and guiding listed companies to carry out continuous cash dividends has also been the direction of our government regulatory authorities to guide profit distribution. This paper focuses on the influence of the external governance environment of government officials corruption on the cash dividend of listed companies. Through collecting the corruption data of government officials in various regions of China from 2003 to 2014, it is found that local officials' corruption inhibits the cash dividends of listed companies in the region. The more serious the corruption, the weaker the willingness to pay dividends and the lower the proportion of dividends of listed companies. At the same time, the corruption of local officials restricts the listed companies in the region to continue to share out dividends, the more serious the corruption, the lower the ratio of continuous dividends of listed companies. The paper provides a meaningful reference for listed companies to weigh the advantages and disadvantages of external governance environment and company management policy. Meanwhile, our government should continue to unswervingly carry out anti-corruption by government officials, which is not only conducive to social stability and macroeconomic development. Also has the important practice influence to the enterprise micro-governance.
【作者单位】：上海对外经贸大学金融管理学院;复旦大学管理学院;
【基金】：第59批中国博士后科学基金面上资助项目(2016M591607)
【分类号】：D630.9;F275;F832.51

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