现金股利分配、会计稳健性与股价崩盘风险

发布时间：2018-01-04 18:08

本文关键词：现金股利分配、会计稳健性与股价崩盘风险　出处：《会计之友》2017年16期 　论文类型：期刊论文

【摘要】：代理成本是产生和加剧股价崩盘风险的重要因素,现金股利分配能够通过减少管理者控制的自由现金流,起到降低代理成本的作用,因此,现金股利分配对股价崩盘风险的影响值得研究。基于2007—2015年A股非国有上市公司的经验证据,实证检验了现金股利分配对股价崩盘风险的影响。研究结果显示,现金股利分配与股价崩盘风险显著负相关。进一步研究表明,随着会计稳健性水平的提高,现金股利分配与股价崩盘风险之间的负相关关系渐强。研究结论为进一步提升我国上市公司现金股利政策的合理性和防范股价崩盘风险提供了理论和经验依据。
[Abstract]:Agency cost is an important factor to produce and aggravate the risk of stock price collapse. Cash dividend distribution can reduce agency cost by reducing free cash flow controlled by managers. The impact of cash dividend distribution on the risk of stock price collapse is worth studying. Based on the empirical evidence of non-state-owned listed companies in A shares from 2007 to 2015. Empirical test of cash dividend distribution on the risk of stock price collapse. The results show that cash dividend allocation and stock price collapse risk significantly negative correlation. Further research shows that with the improvement of accounting conservatism level. The negative correlation between the cash dividend distribution and the risk of stock price collapse is becoming stronger and stronger. The conclusion provides a theoretical and empirical basis for further improving the rationality of cash dividend policy and preventing the risk of stock price collapse of listed companies in China.
【作者单位】：天津农学院;
【基金】：天津市2015—2016年度重点会计科研项目“京津冀一体化背景下我市承接产业转移金融支持创新研究——基于投融资视角”(kjkyxm150902)
【分类号】：F275;F832.51
【正文快照】： 一、引言随着中国证券市场的飞速发展,投资者产权保护问题日益受到上市公司和监管部门的重视。如何保证投资者的资本保值增值,既是上市公司履行股东受托责任的重要体现,也是证券市场稳定和良性发展的需要。现金股利分配作为上市公司的核心财务决策,通过利润分配的形式将投资收

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