现金股利政策、管理者持股与民营企业创新效率  

Cash Dividend Policy,Manager Shareholding and Innovation Efficiency of Private Enterprises

作　　者：王卫星 付明家 余天文 Wang Weixing;Fu Mingjia;Yu Tianwen

机构地区：[1]常州大学商学院

出　　处：《常州大学学报（社会科学版）》2019年第2期53-62,共10页Journal of Changzhou University:Social Science Edition

基　　金：国家哲学社会科学基金重点项目"民营科技企业融资结构对创新效率的影响机理及优化对策研究"(17AGL012);江苏省社会科学基金重点项目"江苏中小微企业发展金融支持政策研究"(16EYA004)

摘　　要：内源融资是民营企业创新投入的重要资金来源,现金股利政策会对留存收益产生直接影响。研究现金股利发放对民营企业创新投入和创新效率的影响,有利于企业做好股利分配决策。文章以A股民营企业为样本,运用DEA模型分析民营企业2012—2016年创新效率数据,研究现金股利发放对公司创新效率的影响,并将管理者股权激励纳入该模型,探寻管理者持股在现金股利对创新效率影响的调节作用。实证结果表明:现金股利分红会显著抑制民营企业创新投入和创新效率;现金股利支付水平对创新投入的影响程度大于对创新效率的影响程度;管理者持股在现金股利发放意愿和支付水平对创新效率影响模型中都发挥了显著正向调节作用,且此正向调节作用明显高于现金股利对民营企业创新效率的负面效应。Endogenous financing is an important source of funds for private enterprises innovation investment. Cash dividend policy will have direct impacts on retained earnings. The study of the impacts of cash dividend distribution on the innovation investment and innovation efficiency of private enterprises is conducive to the decision-making of dividend distribution. This paper takes the A-share private enterprises as samples, uses the DEA model to calculate the innovation efficiency data of private enterprises from 2012 to 2016, studies the impacts of cash dividend distribution on the company's innovation efficiency, and incorporates the manager's equity incentive into the model to explore the regulatory effect of manager shareholding on the impacts of cash dividend on innovation efficiency. The empirical results show that cash dividend will significantly inhibit the innovation investment and innovation efficiency of private enterprises;the impact of cash dividend payment level on innovation investment is greater than its impact on innovation efficiency;manager shareholding has played a significant positive adjusting role in the model of the impacts of cash dividend distribution willingness and payment level on innovation efficiency and this positive regulatory effect is significantly higher than the negative effect of cash dividend on the innovation efficiency of private enterprises.

关 键 词：民营企业 创新效率 现金股利 股权激励 

分 类 号：F234.4[经济管理—会计学]