地域因素如何影响公司股利政策:“替代模型”还是“结果模型”?  

How Geography Influences Dividend Policy: " Substitute Model" or "Outcome Model" ?

作　　者：张玮婷[1] 王志强[2] 

机构地区：[1]上海证券交易所资本市场研究所,邮政编码200120 [2]厦门大学管理学院,邮政编码361005

出　　处：《经济研究》2015年第5期76-88,共13页Economic Research Journal

基　　金：国家自然科学基金项目(71472160);中国博士后科学基金面上项目(2014M551435);教育部高等学校博士学科点专项科研基金项目(20120121110041)的资助

摘　　要：本文以"替代模型"和"结果模型"归纳了地域因素对公司股利政策两种可能的影响路径,并首次从财务灵活性和成长性的视角厘清了该影响路径的具体作用机制,完善了研究地域因素影响公司股利政策的理论分析框架。实证证据一致表明,地域因素对我国上市公司股利政策的影响机制支持"结果模型",即地处边远地区的公司由于面临更高程度的信息不对称水平,不得不更多地依赖债务融资,导致其剩余举债能力不足。债务的刚性和潜在的资金需求缺口提高了财务灵活性对边远地区公司尤其是高成长性公司的价值,使它们对财务灵活性的需求更为迫切。在受到外部融资约束的情况下,边远地区公司更倾向于通过减少现金股利发放的方式,来保留公司的财务灵活性。This paper defines possible influences of geography on dividend policy as ＂substitute model＂ and ＂outcome model＂, and figures out the influential mechanism from the perspective of financial flexibility and growth opportunity for the first time, which clarifies the analysis framework when discussing geographic influences on dividend policy. Our empirical results consistently support the ＂outcome model＂. It indicates that, companies who are in remote places are facing higher level of external financial constraint because of higher level of information asymmetry, which makes them depend more on debt financing, and get less spare debt capacity as a result. Hence, compared to companies located in central places, remote firms, especially for those with higher growth opportunity, will have higher needs for financial flexibility, which finally leads to their lower payout.

关 键 词：地域因素 信息不对称 财务灵活性 股利政策 

分 类 号：F275[经济管理—企业管理]