吕纤,罗琦.现金股利迎合能力的影响因素[J].管理科学,2019,32(3):135-147
现金股利迎合能力的影响因素
Determinants of Catering Ability in Cash Dividend
投稿时间:2018-09-05  修订日期:2019-03-30
DOI:10.3969/j.issn.1672-0334.2019.03.011
中文关键词:  现金股利  迎合能力  非理性股利需求  盈余管理  行为公司财务
英文关键词:cash dividend  catering ability  irrational dividend demand  earnings management  behavioral corporate finance
基金项目:国家自然科学基金(71772140)
作者单位E-mail
吕纤 武汉大学 经济与管理学院武汉 430072 fengyushenshan@163.com 
罗琦 武汉大学 经济与管理学院武汉 430072 luoqi@whu.edu.cn 
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中文摘要:
        当资本市场表现出无效率的特征时,管理者能够通过迎合投资者非理性股利需求获得现金股利溢价。然而,不同公司具有的迎合能力有差别,迎合能力较强的公司更倾向于制定满足投资者非理性需求的现金股利政策。已有研究主要围绕公司股利迎合的对象展开,发现上市公司股利政策在一定程度上迎合了市场投资者、大股东甚至监管政策的要求,但缺乏对公司现金股利迎合能力的探讨。因此,有必要对公司现金股利迎合能力的影响因素进行研究。
        基于行为公司财务理论,从自由现金流、资产流动性和生命周期阶段3个方面研究公司现金股利迎合能力。对不同特征的公司具有的现金股利迎合能力进行分析,基于股权分置改革后中国A股上市公司数据,研究现金股利迎合能力的影响因素。在此基础上,进一步探讨迎合能力不同的公司中现金股利迎合与盈余管理之间的关系。实证检验中运用Logit模型、Probit模型和Tobit模型考察不同迎合能力对公司现金股利支付倾向和支付水平的差异化影响,并采用多元回归方法检验现金股利迎合能力与公司盈余管理的关系。
        研究结果表明,自由现金流、资产流动性和生命周期阶段影响公司现金股利迎合能力,自由现金流充裕、资产流动性高和成熟型的公司中现金股利溢价对现金股利政策的影响更强烈,这些公司更有能力迎合投资者非理性需求。进一步研究发现,公司实施现金股利迎合的同时也会进行应计项目的盈余管理,迎合能力强的公司更倾向于运用盈余管理配合现金股利迎合维持股票价格。
        研究结果丰富和拓展了已有的公司迎合理论,有助于深入理解行为公司财务视角下的上市公司现金股利政策。同时,研究结果对于完善中国资本市场监管具有一定的借鉴意义。有关部门应当制定更为科学有效的现金股利监管政策,并引导和规范市场投资者行为,促进资本市场效率的提升。
英文摘要:
        When the capital market appears to be inefficient, managers are capable to gain cash dividend premium by catering to investors′ irrational dividend demands. However, the catering ability differs among different companies. The companies with stronger catering ability have higher propensity to choose the cash dividend policy that caters to investors′ irrational demands. Most of the existing references highlight the catering objects of companies′ dividend distribution, which discover that the corporate dividend policy is to certain extent determined to reach the requirements of investors, block shareholders and even regulation policies. Yet the discussion of companies′ catering ability in cash dividend remains insufficient. Hence, it is necessary to investigate the determinants of companies′ catering ability in cash dividend.
        Based on behavioral corporate finance theory, this paper investigates the catering ability in cash dividend of companies in the aspects of free cash flow, asset liquidity and life-cycle stage. Firstly, we analyze the catering ability of cash dividend in companies with distinguishing characteristics. Then we investigate the determinants of catering ability in cash dividend, based on the statistics of Chinese A-share listed companies after the split share reform. Furthermore, the paper explores the relationships between cash dividend catering and earnings management in companies with different catering abilities. In the empirical tests, we adopt Logit model, Probit model and Tobit model to compare the differential influences of different catering abilities on companies′ propensity and ratio of cash dividend distribution. Besides, the multiple regressions are employed to explore the relationship between cash dividend catering ability and companies′ earnings management.
        The empirical results indicate that free cash flow, asset liquidity and life-cycle stage affect companies′ catering ability in cash dividend. In the companies with abundant free cash flows or high asset liquidity and the mature companies, the cash dividend premium has stronger influence on the cash dividend policy. These companies have higher ability to cater investors′ irrational demands. Moreover, we find that companies might manage the accrual earnings while implementing the cash dividend catering. The companies with superior catering ability have higher propensity to manipulate accrual earnings while catering, in order to maintain the stock price overvaluation.
        Our study enriches and extends the existing corporate catering theory, and contributes to a deeper understanding of listed company′s financial decisions from the perspective of behavioral corporate finance. Meanwhile, the empirical analysis of the paper provides practical implications to enhance the supervision and regulation of China′s capital market. We suggest that the regulatory authority should design more scientific and efficient supervisory policies of cash dividend distribution, as well as guide and regulate the investors′ behavior to improve the capital market efficiency.
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