异常派现对投资效率影响研究——基于中国上市公司的经验证据  

The Effect of Abnomal Dividend on Investment Efficency Evidenced by Data from China Listed Companies

作　　者：刘孟晖[1,2] 武琼[1] 

机构地区：[1]郑州大学商学院,河南郑州450001 [2]南开大学商学院,天津300071

出　　处：《证券市场导报》2016年第5期42-52,共11页Securities Market Herald

基　　金：国家社科基金一般项目"基于迎合激励的上市公司异常派现与非效率投资行为研究"(批准号14BGL042);中国博士后基金项目"上市公司股利支付行为与财务弹性选择"(批准号2014M561180);国家自然科学联合基金项目"竞争与制度交互下的公司金融契约治理:行为分析与实验检验"(批准号U1304705)

摘　　要：关于现金股利与投资效率关系的研究大都停留在正常派现层面上,而异常派现与投资效率的关系,以及自由现金流在异常派现与非效率投资之间所扮演的角色是一个值得深入研究的问题。本文通过对2010～2013年上市公司异常派现对非效率投资以及通过自由现金流对非效率投资的影响进行了检验。基准模型的结果表明:异常高派现对过度投资具有抑制作用,并导致投资不足;异常低派现与过度投资具有正向显著关系,与投资不足显著负相关。加入现金流交乘项后发现:异常高派现仅对现金流缺乏的上市公司过度投资具有抑制作用,而对于自由现金流丰富的上市公司而言,异常高派现并没有对过度投资产生抑制作用。本文的研究结论丰富了对现金股利政策与投资效率关系的认识,并为上市公司异常派现下的投资效率的改善和提高提供实证支持。Studies about the relationship between cash dividend and irrational investment efficiency mostly stay in the normal cash dividend level, and abnormal cash dividend and investment efficiency relations, as well as the free cash flow in the abnormal cash dividend and investment efficiency between the role of is a problem worthy of further research. This article relied upon data from the listed companies from 2010 to 2013 to test the abnormal cash dividend influence to irrational investment and by free cash flow to test the influence of irrational investment. The benchmark model results show ： Abnormally high cash dividend has inhibitory effect on over-investment, and leads to the under-investment; Abnormally cash dividend the positive significant relationship with over-investment, and significant negative correlation to under-investment.Join the cash flow to pay after the found： For the lack of cash flow of the listed company,Abnormally high cash dividend only inhibit over-investment,For rich free cash flow of listed companies, Abnormally high cash dividend did not have inhibitory effect on over-investment. Research conclusion of this paper enriches our understanding of relationship between cash dividend policy and the investment efficiency,and offer empirical support abnormal for Abnormal cash dividend companies to improve the investment efficiency.

关 键 词：异常高派现 异常低派现 过度投资 投资不足 

分 类 号：F275[经济管理—企业管理]