控股股东代理与股利生命周期特征

发布时间：2018-03-22 10:42

本文选题：控股股东　切入点：代理问题　出处：《经济管理》2017年09期 　论文类型：期刊论文

【摘要】：我国上市公司股利支付呈现出生命周期特征,但这一特征在控股股东代理问题较为严重时被弱化。本文以股利生命周期特征为研究视角,考察控股股东代理问题对我国上市公司现金股利政策的影响。研究发现,相较于成长性公司,成熟型公司的股利支付倾向和股利支付率明显较高,并且支付现金股利的价值效应较大。对成熟型公司而言,本文进一步考察发现,随着控股股东持股比例的增加,控股股东的股利支付意愿下降,现金股利对过度投资的约束作用降低,现金股利的价值效应减小。本文研究结果表明,控股股东存在利用现金股利掩饰其利益侵占行为的动机。
[Abstract]:The dividend payment of listed companies in China shows a life-cycle feature, but this feature is weakened when the controlling shareholder agency problem is more serious. This paper investigates the influence of controlling shareholder agency problem on cash dividend policy of listed companies in China. It is found that compared with growth companies, mature companies tend to pay dividends and pay dividend rates significantly higher. And the value effect of cash dividend payment is larger. For mature companies, this paper further finds that with the increase of controlling shareholders' shareholding ratio, the controlling shareholders' willingness to pay dividends decreases. The effect of cash dividend on overinvestment is reduced and the value effect of cash dividend is reduced. The research results show that the controlling shareholder has the motive of using cash dividend to conceal his behavior of interest encroachment.
【作者单位】：武汉大学经济与管理学院;
【基金】：国家社会科学基金项目“我国上市公司股利决策与投资效率研究”(14BGL043) 教育部新世纪优秀人才支持计划“中国上市公司权益资本成本研究”(NCET-13-0437)
【分类号】：F275;F832.51

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