私募股权投资与现金股利政策  

Private Equity and Dividend Policy

作　　者：王会娟[1,2] 张然[1,2] 胡诗阳[1,2] 

机构地区：[1]清华大学五道口金融学院,100083 [2]北京大学光华管理学院,100871

出　　处：《会计研究》2014年第10期51-58,97,共8页Accounting Research

基　　金：国家自然科学基金(71273013和71232003);教育部人文社会科学研究规划基金(12YJA630186);中国博士后科学基金项目(2014M550036)的资助

摘　　要：本文研究私募股权投资对被投资公司现金股利政策的影响。研究发现,有私募股权投资参与的公司更倾向于分配现金股利,且现金股利支付率较高,表明私募股权投资不仅影响公司现金股利的分配倾向,还影响现金股利的分配力度。进一步研究发现,私募股权投资的特征同样影响公司的现金股利政策,具体来说,外资背景、投资规模越大、投资期限越长和联合投资的私募股权投资参与的公司更倾向于分配现金股利且现金股利支付率较高。本文的结论对于完善公司现金股利政策以及保护中小投资者利益有重要的启示作用。This paper studies the influence of PE investment on company's cash dividend policy. We find that companies with PE investment are more likely to distribute cash dividend and have a higher dividend payout ratio. The evidence indicates that PE not only influences the cash dividend,but also the dividend payout ratio. Further studies find out that characteristics of PEs also have an effect on the cash payment policy of invested companies. Specifically,companies invested by PE with foreign background,larger investment scale,longer investment horizon and joint investment are more likely to distribute dividend and have a higher payment ratio. The results have an enlightening role on the cash dividend policy of companies and the protection of small and medium- sized investors.

关 键 词：私募股权投资 现金股利 股利支付率 

分 类 号：F275[经济管理—企业管理] F276.6[经济管理—国民经济]