董事会财务专长、管理层能力、经济政策不确定性和上市公司股利政策

发布时间：2021-09-19 11:01

　　尽管已有文献对股利政策进行了许多理论研究,但围绕股利政策依然存在若干谜团吸引着今天的研究者。本文的目的就是要从董事会财务专长、管理层能力和经济不确定性三个新的视角来探讨新兴股票市场股利政策的动态变化。第一个视角是董事会财务专长,分析新兴市场,具体而言就是中国和巴基斯坦这两个新兴的资本市场上,上市公司董事会的财务专长如何影响它们的股利政策。本研究主要采用静态（固定效应和随机效应）模型方法和动态（两阶段广义矩估计方法）模型方法（Arellano和Bond[1];Arellano和Bover[2]）展开分析。研究显示,董事会财务专长程度高的中国公司支付的股利较少,因为他们认为可以为股东找到更好的投资机会;但董事会财务专长程度高的巴基斯坦上市公司会支付较高的股利,从而能够更好地保护股东的利益。第二个视角是管理层能力。本研究基于MM理论的完美市场假说和新古典主义的公司管理观,引入“管理层能力”这个变量来解释中国这个新兴市场的股利政策。实证结果表明,管理层能力程度高的企业倾向于派发更多的股利。通过运用三种不同方式划分子样本,深入探讨了管理层能力对股利支付的影响。研究发现:（1）与国有企业相比,管理... 

【文章来源】：北京科技大学北京市 211工程院校 教育部直属院校

【文章页数】：141 页

【学位级别】：博士

【文章目录】：
Acknowledgement
摘要
Abstract
List of Acronym
1 Introduction
    1.1 Research Motivation
        1.1.1 Financial expertise of Board
        1.1.2 Managerial Ability
        1.1.3 Economic Policy Uncertainty
    1.2 Summary of the Studies
        1.2.1 Board Financial Expertise and Dividend Policy
        1.2.2 Managerial Ability and Dividend Policy
        1.2.3 Economic Policy Uncertainty and Dividend Policy
    1.3 Contribution
        1.3.1 Board Financial Expertise and Dividend Policy
        1.3.2 Managerial Ability and Dividend Policy
        1.3.3 Economic Policy Uncertainty and Dividend Policy
2 Literature Review
    2.1 Dividend Policy stylized facts
    2.2 Why firms make Dividend Payments
    2.3 Dividend Policy Determinants
3 Board Financial Expertise and Dividend Policy
    3.1 Introduction
    3.2 Theoretical Framework and Hypothesis Development
        3.2.1 Financial Expertise of Corporate Board
        3.2.2 Board Financial Expertise and Dividend Policy
    3.3 Two Rising Power of Asia-China & Pakistan
    3.4 Data & Research Methodology
        3.4.1 Empirical Model
    3.5 Empirical Findings
        3.5.1 Board Financial Expertise
        3.5.2 Board Financial Expertise and Dividend Policy
    3.6 Robustness Check
    3.7 Conclusion
4 Managerial Ability and Dividend Policy
    4.1 Introduction
    4.2 Literature Review
        4.2.1 Theoretical Framework of Study
        4.2.2 Managers Ability and Dividend Payout
    4.3 Sample Selection Process & Research Design
        4.3.1 Methodology
    4.4 Empirical Results
        4.4.1 Summary Statistics
        4.4.2 Regression Estimates
        4.4.3 Managerial Ability and Dividend Policy Under different Conditions
        4.4.4 Robustness Test
        4.4.5 Pre-crisis MA and dividend decisions during crisis
    4.5 Conclusion and Policy Implications
5 Economic Policy Uncertainty and Dividend Sustainability
    5.1 Introduction
    5.2 Literature Review & Hypothesis Development
    5.3 Data and Empirical Modelling
        5.3.1 Data
        5.3.2 Measurement of Variables
        5.3.3 The effect of EPU on Dividend Sustainability
        5.3.4 Uncertainty, EPU and Cost of Equity Capital
        5.3.5 EPU and Dividend Sustainability
        5.3.6 Firm heterogeneous characteristics, EPU and Dividend Sustainability
        5.3.7 Marketization Impact, EPU and Dividend Sustainability
        5.3.8 Robustness Test
        5.3.9 2008 Financial Crisis as a proxy to EPU
        5.3.10 Moderating role of MA on dividend decisions during high EPU
        5.3.11 Moderating role of BFE on dividend decisions during high EPU
    5.4 Conclusion
6 Conclusion
References
Appendices
    Appendix 1: Tables
    Appendix 2: Figures
Resume
学位论文数据集


【参考文献】：
期刊论文
[1]半强制分红政策的市场反应研究[J]. 李常青,魏志华,吴世农.  经济研究. 2010(03)



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