国际化董事会、分析师关注与现金股利分配

发布时间：2018-01-14 19:21

本文关键词：国际化董事会、分析师关注与现金股利分配　出处：《金融研究》2017年08期 　论文类型：期刊论文

【摘要】：基于手工收集的、中国上市公司2004-2014年国际化董事会的数据,本文实证研究了国际化董事会对公司现金股利分配的影响。研究发现,国际化董事会显著增加了现金股利支付率,但分析师关注负向调节了国际化董事会与现金股利之间的正向关系。考虑半强制分红政策后发现,相对于政策变更后的期间,国际化董事会对现金股利的正向影响在政策变更前的期间影响更大。采纳其他方法度量国际化董事会与现金股利、并控制了国际化董事会与现金股利的内生性后,上述结论依然成立。此外,国际化董事会对现金股利分配的正向影响仅存在于高市场化子样本与非国有企业子样本中。
[Abstract]:Based on the data collected by hand from the international board of directors of Chinese listed companies from 2004 to 2014, this paper empirically studies the impact of the international board of directors on the distribution of cash dividend. The international board of directors has significantly increased the cash dividend payment rate, but the positive relationship between the international board of directors and the cash dividend has been adjusted by the attention of the analysts. After considering the semi-compulsory dividend policy, it is found that the positive relationship between the international board of directors and the cash dividend has been adjusted. Compared with the period after the policy change, the positive impact of the international board of directors on the cash dividend is greater in the period before the policy change. Other methods are adopted to measure the international board of directors and the cash dividend. After controlling the endogenous nature of international board of directors and cash dividend, the above conclusion still holds. The positive influence of international board of directors on the distribution of cash dividend exists only in the subsamples of high marketization and non-state-owned enterprises.
【作者单位】：厦门大学管理学院;
【基金】：国家自然科学基金(71572162)的资助
【分类号】：F271;F275;F832.51
【正文快照】： 一、引言不完善的公司治理机制与不健全的法律制度导致中国上市公司长期以来在现金股利的分配方面存在主动性不强、股利支付率低等典型的现象。董事会治理是公司治理的核心环节,在股利分配中扮演着重要角色。经济全球化促使越来越多的中国企业开始聘请外籍人士进入董事会,参与

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