社保基金持股与公司股利政策

发布时间：2018-02-21 21:31

本文关键词： 社保基金股利政策顾客效应　出处：《会计研究》2016年05期 　论文类型：期刊论文

【摘要】：相比于其他机构投资者,社保基金无需缴纳红利所得税,这一制度背景为检验股利的"顾客效应"假说提供了契机。本文发现,控制其他因素之后,社保基金持股比例与公司股利之间存在正相关关系,这一关系同时反映了股利需求方(社保基金)与供给方(上市公司)的行为:一方面,上市公司根据社保基金持股制定其股利政策;另一方面,社保基金选择股票时也会考虑上市公司往年的股利分配。进一步的检验发现,国有与民营企业迎合社保基金发放股利的动机存在差异:民营企业更多受到经济动机的驱动,而国有企业分红更多体现政治动机。总体上,本文的发现验证了"顾客效应"假说,表明红利税是影响公司股利决策的重要因素,具有一定的政策启示。
[Abstract]:Compared with other institutional investors, social security funds do not pay dividend income tax. This institutional background provides an opportunity to test the "customer effect" hypothesis of dividend. There is a positive correlation between the shareholding ratio of the social security fund and the dividend of the company, which also reflects the behavior of the demand side of the dividend (social security fund) and the supply side (listed company): on the one hand, Listed companies formulate their dividend policies according to the shareholdings of the Social Security Fund; on the other hand, when the Social Security Fund selects stocks, it also takes into account the dividend distribution of listed companies in previous years. Further tests show that, There are differences in the motivation of state-owned and private enterprises to cater to the dividend from the social security fund: private enterprises are more driven by economic motives, while state-owned enterprises have more political motives to pay dividends. The findings of this paper verify the hypothesis of "customer effect", and show that the red tax is an important factor affecting the dividend decision of a company, and it has some policy implications.
【作者单位】：上海财经大学会计学院;新疆财经大学会计学院;中国人民银行天津分行;
【基金】：教育部重点研究基地重大项目(15JJD630007) 国家自然科学基金项目(71472114,71272012) 上海财经大学创新团队支持计划
【分类号】：F275

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