社会责任理念与现金股利承诺制——基于A股上市公司的实证分析  

The Concept of Social Responsibility and Cash Dividend Commitments Policy——Empirical Analysis Based on the A-share Listed Companies

作　　者：赵燕[1,2] 冯巧根[1] 

机构地区：[1]南京大学商学院会计学系 [2]安徽财经大学商学院

出　　处：《经济与管理研究》2014年第5期58-68,共11页Research on Economics and Management

基　　金：国家社会科学基金重大招标项目"我国社会信用制度研究"(09&ZD055);国家社科基金项目"民营企业社会责任履行的路径创新与制度博弈研究"(07BJY018);南京大学研究生创新工程"科研创新基金"项目"我国企业与社会的信用关系:基于社会责任报告的研究"(2012CW11)

摘　　要：现金股利承诺制是中国上市公司分配制度的一项重大改革。针对上市公司存在的分红异常行为,本文从社会责任价值理念入手,对比考察了不同价值理念下不同发展战略的公司履行现金股利政策的差异。研究发现:公司价值理念的差异导致了制度执行效果的区别。秉持社会责任理念的上市公司会采取较为积极主动的现金股利政策,能较好地抑制"利益侵占"行为。涉及金融资产和"外购商誉"的公司其分红行为迥异,在传统价值理念制约下前者表现较差。因此,普及企业社会责任理念对新政的实施将大有裨益。Cash dividends commitments policy is a major reform of the distribution institution of listed companies in China. In order to study on the abnormal dividends behavior in listed companies ,starting from the concept of social responsibility,this paper examines the differein implememation of cash dividend commitments policy among differem company＇s value concepts and developmem strategies. This research demonstrates that differem implememation results from different corporations＇ value concepts. The listed companies which hold the value concept of social responsibility will adopt the cash dividend policy more actively and depress the benefit expropriation behavior of the large and controlling shareholders. Nevertheless,the dividend behaviors difer between the corporations involving financial assets and goodwill purchasing. Restricted by the traditional value concept ,the former corporation which focusing on the virtual economy performance worse. Thus,the implementation of the new policy will benefit greatly from the popularity of the concept of corporate social respon- sibility.

关 键 词：现金股利承诺 社会责任理念 实体经济战略 虚拟经济战略 

分 类 号：F23[经济管理—会计学]