上市公司现金股利受再融资监管政策的驱动吗  

Is Cash Dividend Paid by Listed Companies Driven by the Regulatory Policies of Equity Refinancing?

作　　者：邓剑兰[1] 顾乃康[1] 陈辉[2] 

机构地区：[1]中山大学管理学院,广东广州510275 [2]广东金融学院中国金融转型与发展研究中心,广东广州510521

出　　处：《山西财经大学学报》2014年第8期103-113,共11页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目(71272203);广东省自然科学基金博士启动项目(S2013040013732)

摘　　要：基于我国特殊的再融资资格管制背景,考察了再融资资格的净资产收益率门槛规定及半强制分红政策对上市公司现金股利政策的影响。利用静态及动态实证模型对上市公司1994~2011年现金股利分配情况的研究表明：我国上市公司的现金股利政策对于再融资资格的净资产收益率规定有一定程度的再融资驱动效果,但对于半强制分红政策的现金股利规定则没有预期的驱动效果;净资产收益率小幅度向下偏离再融资门槛值的上市公司派现意愿及派现水平都较高,派现水平调整速度较为缓慢,其派现行为较明显地受到再融资监管政策的驱动,而净资产收益率大于再融资门槛值的公司更多地是从自身的发展机会、盈利能力、偿债能力等内部因素出发进行股利决策,其现金股利政策与权益再融资的监管政策无关。Based on the special regulatory policies about equity refinancing in China, this paper investigated that how the ROE requirements and semi-mandatory dividend policy of equity refinancing qualification impact the cash dividend paid by listed compa- nies in China. By constructing static and dynamic empirical models, this paper explored the cash dividend paid by Chinese listed com- panies from 1994 to 2011. The results show that,the payment of cash dividend is partially driven by the ROE requirements of equity refinancing qualification, but there is no significant evidence to support that the payment of cash dividend is driven by semi-mandatory dividend policy as expected direction. Those companies whose ROE are slightly smaller than the threshold of equity refinancing regu- latory policies have stronger willingness to pay dividends and pay more with slower adjustment speeds, that is,their cash dividend policy are obliviously driven by the regulatory policies of equity refinancing. In addition, those companies whose ROE are larger than the threshold consider more about their own growth opportunities, profitability and solvency and other internal factors when deciding their cash dividend policy, but hardly consider about the ROE requirements or semi-mandatory dividend policy of equity refinancing qualification.

关 键 词：股权融资偏好 再融资资格 现金股利 再融资门槛 半强制分红 

分 类 号：F275[经济管理—企业管理]