半强制分红政策、再融资动机与经典股利理论——基于股利代理理论与信号理论视角的实证研究

发布时间：2017-12-30 21:51

本文关键词：半强制分红政策、再融资动机与经典股利理论——基于股利代理理论与信号理论视角的实证研究　出处：《会计研究》2017年07期 　论文类型：期刊论文

【摘要】：本文实证检验了中国独特的半强制分红政策对有再融资动机的上市公司分红行为的影响,并进一步考察了半强制分红政策背景下股利代理理论和信号理论这两种经典股利理论的解释力。研究发现:(1)半强制分红政策显著提高了有再融资动机的上市公司的派现意愿和派现水平;(2)上市公司派现可以有效降低两类代理成本,而现金股利变动(尤其是现金股利增加)则可以有效传递公司未来盈利变动的信号;(3)相比而言,有再融资动机的上市公司通过派现降低两类代理成本、发送股利信号的作用显著更弱。可见,虽然股利代理理论和信号理论总体上能够解释中国上市公司分红行为,但在半强制分红政策背景下,有再融资动机的上市公司分红行为受到了明显干预,这使得两种经典股利理论的解释力有所削弱。
[Abstract]:This paper examines the impact of dividend behavior China semi mandatory dividend policy is unique to the refinancing motivation of listed companies, and further investigated the explanatory power of semi mandatory dividend policy under the background of dividend agency theory and signal theory of the two classical dividend theory. The study found that: (1) the semi mandatory dividend policy has significantly increased refinancing motivation of listed companies cash dividend will and the level of cash dividends; (2) cash dividend can reduce the two types of agency costs, and the changes of cash dividend (especially cash dividend increase) signal can effectively transfer the company's future earnings; (3) compared with refinancing motivation listed companies through cash dividends reduce the two agency cost, sending the dividend signal significantly weaker. Therefore, although the agency theory and signal theory to explain overall dividend dividend behavior of Listed Companies in China, but In the context of semi compulsory dividend policy, the dividend behavior of listed companies with refinancing motives has been obviously interfered, which has weakened the explanatory power of the two classical dividend theories.

【作者单位】：厦门大学经济学院;厦门大学管理学院;厦门水务环境科技股份有限公司;
【基金】：国家自然科学基金项目(71572165、71102058、71672157、71372072) 教育部人文社会科学研究规划基金项目(15YJA630093) 福建省自然科学基金项目(2016J01339) 福建省高校杰出青年科研人才培育计划的资助
【分类号】：F275;F832.51
【正文快照】： 一、引言在投资者法律保护较差的新兴市场国家中,现金股利是一种替代弱的法律保护的重要机制(La porta et al.,2000)。其中,少数国家(如巴西、智利、哥伦比亚、希腊以及委内瑞拉等)甚至采用了强制上市公司将一定比例的净利润以股利方式发放给股东的“强制性股利政策”。与其

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