公司生命周期、CEO权力与现金股利决策

发布时间：2018-01-08 20:17

本文关键词：公司生命周期、CEO权力与现金股利决策　出处：《东南大学学报(哲学社会科学版)》2017年06期 　论文类型：期刊论文

【摘要】：选取2010—2014年我国沪深两市A股主板上市公司数据,对公司生命周期、CEO权力及现金股利决策之间的关系进行了研究。研究发现,在不同的生命周期发展阶段中,当公司进行股利决策时,对现金股利支付水平存在着显著的差异,即上市公司现金股利决策具有明显的生命周期特征。同时,CEO权力的大小也会对上市公司的现金股利决策产生显著的影响,CEO权力过高会显著弱化现金股利决策的生命周期特征。进一步,CEO权力在不同的生命周期发展阶段对上市公司现金股利决策的影响具有明显的差异。
[Abstract]:In this paper, the relationship between CEO power and cash dividend decision in the company life cycle is studied by selecting the data of listed companies on the main board of China's Shanghai and Shenzhen stock markets from 2010 to 2014. The results show that the relationship between CEO power and cash dividend decision is studied. In different stages of life cycle development, when companies make dividend decisions, there are significant differences in the level of cash dividend payment, that is, the cash dividend decision of listed companies has obvious life cycle characteristics, and at the same time. The size of the CEO power will also have a significant impact on the cash dividend decision of listed companies. Too much power will significantly weaken the life cycle characteristics of the cash dividend decision. The influence of CEO power on cash dividend decision of listed companies is different in different life cycle stages.
【作者单位】：东北财经大学会计学院中国内部控制研究中心;
【基金】：国家社会科学基金资助项目“认知偏差视角下的国有企业CEO职务舞弊行为研究”(15BGL055)阶段性研究成果
【分类号】：F272.91;F275;F832.51
【正文快照】： 一、引言现金股利决策作为公司资金流出与流入、投融资决策的一种逻辑延续,在公司日常经营过程中一直发挥着极其重要的影响力。现金股利决策不仅关联着投资者、债权人等各方经济利益相关者的切身利益问题,而且关系到公司的既得经济利益与长足进步之间的利弊权衡问题。随着我国

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