股利平稳性、股权制衡与制造业企业价值
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摘要
以2006～2017年我国制造业上市公司数据为样本,对股利平稳性与企业价值的关系进行实证分析,并进一步考察在不同股权制衡情况下股利平稳性与企业价值关系的差异。结果表明,上市公司股利平稳性与企业价值负相关,在其他条件不变的情况下,股权制衡度越高,股利平稳性与企业价值的负相关关系越强。进一步研究发现,相对于国有企业,非国有企业股权制衡度对股利平稳性与企业价值关系的影响更显著。
引文
[1]刘星,陈名芹.中国上市公司股利平稳性理论框架构建--基于国内外股利平稳性前沿研究的综述与分析[J].会计研究,2016(4):61~69.
[2]Lintner J..Distribution of Incomes of Corporations Among Dividends,Retained Earnings,and Taxes[J].The American Economic Review,1956(2):97~113.
[3]Brennan M.J.,Thakor A.V..Shareholder Preferences and Dividend Policy[J].The Journal of Finance,1990(4):993~1018.
[4]Lambrecht B.M.,Myers S.C..A Lintner Model of Payout and Managerial Rents[J].The Journal of Finance,2012(5):1761~1810.
[5]Fudenberg D.,Tirole J..A Theory of Income and Dividend Smoothing Based on Incumbency Rents[J].Journal of Political Economy,1995(1):75~93.
[6]Chen L.,Priestley R..Dividend Smoothing and Predictability[J].Management Science,2012(10):1834~1853.
[7]陆正飞,王春飞,王鹏.激进股利政策的影响因素及其经济后果[J].金融研究,2010(6):162~174.
[8]Easterbrook F.H..Two Agency-Cost Explanations of Dividends[J].The American Economic review,1984(4):650~659.
[9]Bhattacharya S..Imperfect Information,Dividend Policy and“The Bird In the Hand”Fallacy[J].Bell Journal of Economics,1979(1):259~270.
[10]John K.,Williams J..Dividends,Dilution,and Taxes:A Signalling Equilibrium[J].The Journal of Finance,1985(4):1053~1070.
[11]Miller M.H.,Rock K..Dividend Policy Under Asymmetric Information[J].The Journal of Finance,1985(4):1031~1051.
[12]何基报.境内外上市公司分红的差异及原因实证研究[R].深圳:深圳证券交易所综合研究所,2012.
[13]Guttman I.,Kadan O.,Kandel E..Dividend Stickiness and Strategic Pooling[J].The Review of Financial Studies,2010(12):4455~4495.
[14]Bennedsen M.,Wolfenzon D..The Balance of Power in Closely Held Corporations[J].Journal of Financial Economics,2001(1):113~139.
[15]李增泉,孙铮,王志伟.“掏空”与所有权安排--来自我国上市公司大股东资金占用的经验证据[J].会计研究,2004(12):3~13.
[16]Volpin P.F..Governance with Poor Investor Protection:Evidence from Top Executive Turnover in Italy[J].Journal of Financial Economics,2002(1):61~90.
[17]刘慧龙,陆勇,宋乐.大股东“隧道挖掘”:相互制衡还是竞争性合谋--基于“股权分置”背景下中国上市公司的经验研究[J].中国会计评论,2009(1):97~112.
[18]Leary M.T.,Michaely R..Determinants of Dividend Smoothing:Empirical Evidence[J].Review of Financial Studies,2011(10):3197~3249.
[19]刘星,宋彤彤,陈名芹.股权激励、代理冲突与股利平稳性--基于持股管理者寻租的研究视角[J].华东经济管理,2016(11):114~122.
[20]陈德萍,陈永圣.股权集中度、股权制衡度与公司绩效关系研究--2007~2009年中小企业板块的实证检验[J].会计研究,2011(1):38~43.
[21]杨文君,何捷,陆正飞.家族企业股权制衡度与企业价值的门槛效应分析[J].会计研究,2016(11):38~45.
[22]Vickers J..Concepts of Competition[J].Oxford Economic Papers,1995(1):1~23.
[23]余琰,王春飞.再融资与股利政策挂钩的经济后果和潜在问题[J].中国会计评论,2014(1):43~66.
[2]Lintner J..Distribution of Incomes of Corporations Among Dividends,Retained Earnings,and Taxes[J].The American Economic Review,1956(2):97~113.
[3]Brennan M.J.,Thakor A.V..Shareholder Preferences and Dividend Policy[J].The Journal of Finance,1990(4):993~1018.
[4]Lambrecht B.M.,Myers S.C..A Lintner Model of Payout and Managerial Rents[J].The Journal of Finance,2012(5):1761~1810.
[5]Fudenberg D.,Tirole J..A Theory of Income and Dividend Smoothing Based on Incumbency Rents[J].Journal of Political Economy,1995(1):75~93.
[6]Chen L.,Priestley R..Dividend Smoothing and Predictability[J].Management Science,2012(10):1834~1853.
[7]陆正飞,王春飞,王鹏.激进股利政策的影响因素及其经济后果[J].金融研究,2010(6):162~174.
[8]Easterbrook F.H..Two Agency-Cost Explanations of Dividends[J].The American Economic review,1984(4):650~659.
[9]Bhattacharya S..Imperfect Information,Dividend Policy and“The Bird In the Hand”Fallacy[J].Bell Journal of Economics,1979(1):259~270.
[10]John K.,Williams J..Dividends,Dilution,and Taxes:A Signalling Equilibrium[J].The Journal of Finance,1985(4):1053~1070.
[11]Miller M.H.,Rock K..Dividend Policy Under Asymmetric Information[J].The Journal of Finance,1985(4):1031~1051.
[12]何基报.境内外上市公司分红的差异及原因实证研究[R].深圳:深圳证券交易所综合研究所,2012.
[13]Guttman I.,Kadan O.,Kandel E..Dividend Stickiness and Strategic Pooling[J].The Review of Financial Studies,2010(12):4455~4495.
[14]Bennedsen M.,Wolfenzon D..The Balance of Power in Closely Held Corporations[J].Journal of Financial Economics,2001(1):113~139.
[15]李增泉,孙铮,王志伟.“掏空”与所有权安排--来自我国上市公司大股东资金占用的经验证据[J].会计研究,2004(12):3~13.
[16]Volpin P.F..Governance with Poor Investor Protection:Evidence from Top Executive Turnover in Italy[J].Journal of Financial Economics,2002(1):61~90.
[17]刘慧龙,陆勇,宋乐.大股东“隧道挖掘”:相互制衡还是竞争性合谋--基于“股权分置”背景下中国上市公司的经验研究[J].中国会计评论,2009(1):97~112.
[18]Leary M.T.,Michaely R..Determinants of Dividend Smoothing:Empirical Evidence[J].Review of Financial Studies,2011(10):3197~3249.
[19]刘星,宋彤彤,陈名芹.股权激励、代理冲突与股利平稳性--基于持股管理者寻租的研究视角[J].华东经济管理,2016(11):114~122.
[20]陈德萍,陈永圣.股权集中度、股权制衡度与公司绩效关系研究--2007~2009年中小企业板块的实证检验[J].会计研究,2011(1):38~43.
[21]杨文君,何捷,陆正飞.家族企业股权制衡度与企业价值的门槛效应分析[J].会计研究,2016(11):38~45.
[22]Vickers J..Concepts of Competition[J].Oxford Economic Papers,1995(1):1~23.
[23]余琰,王春飞.再融资与股利政策挂钩的经济后果和潜在问题[J].中国会计评论,2014(1):43~66.