控股股东股权质押对“低股利”现象的影响  

Impact of Controlling Stockholder′s Equity Pledge on the Phenomenon of“Low Dividend”

作　　者：翟士运 孙兰兰 古朴 ZHAI Shiyun;SUN Lanlan;GU Pu(School of Management,China University of Mining and Technology(Beijing),Beijing 100083,China;College of Economics and Management,Qingdao University of Science and Technology,Qingdao 266061,China;School of Economics and Management,Tsinghua University,Beijing 100084,China)

机构地区：[1]中国矿业大学(北京)管理学院,北京100083 [2]青岛科技大学经济与管理学院,山东青岛266061 [3]清华大学经济管理学院,北京100084

出　　处：《管理科学》2020年第3期124-137,共14页Journal of Management Science

基　　金：中央高校基本科研业务费专项资金(8000150A104)。

摘　　要：中国上市企业的现金股利政策再次受到证监会的密切关注,近年来中国A股市场股权质押快速攀升,对企业的风险水平和治理机制产生重要影响。因此,研究股权质押是否影响企业的现金股利政策具有理论意义和实践意义。基于代理理论,以2007年至2016年中国A股上市企业为样本,应用Stata 14. 1软件,采用OLS多元线性回归、PSM分析、Change模型和Probit模型等多种方法,探讨控股股东股权质押对上市企业股利政策的影响,在此基础上分析且检验两者之间的内在影响机制,初步构建股权质押影响股利政策的分析框架。研究结果表明,控股股东股权质押期间,企业显著减少了现金股利的发放水平,企业的自由现金流和良好的审计质量有效缓解了控股股东股权质押与现金股利之间的负相关关系。进一步地,通过探讨其内在影响机制发现,控股股东股权质押期间,企业的流动性枯竭、现金的预防性需求和投机性需求增加是降低现金股利发放水平的主要原因。从控股股东融资方式的视角丰富了股东异质性影响现金股利的相关研究;以控股股东股权质押为切入点,从企业流动性、预防性现金需求和投机性现金需求的角度解释了中国资本市场广受关注的"低股利"现象;研究结果为资本市场监管提供了部分参考依据,有助于证券投资者正确认识股权质押。The cash dividend policy of listed firms in Chine has been paid close attention by CSRC recently.Meanwhile,the amount of equity pledge in the stock market is ascending rapidly,which influences firms′risk level and governance mechanism significantly.Therefore,this study investigates whether the equity pledge affects firms′cash dividend policy or not.Based on the agency theory and sampled on 2007-2016 A-share listed firms in China,this paper studies the effect of controlling shareholders′equity pledge on firms′cash dividend policy formulated in OLS regression,PSM method,change model,and Probit model with Stata14.1.Moreover,this study analyzes and tests the internal mechanism of the above-mentioned effect and establishes the framework of the influence of equity pledge on firms′cash dividend policy.This study finds that the cash dividend is declared less during controlling shareholders′equity pledge period.This negative correlation between controlling shareholders′equity pledge and firms′cash dividend is moderated by firms′free cash flow and audit quality.Furthermore,this study analyzes the internal mechanism and finds that deprivation of liquidity and increased precautionary and speculative demand for cash lead to reduction in cash dividend level.This study may have the following contributions.First,it develops previous researches on the influence of shareholder heterogeneity on cash dividend.Second,it explores the“Low Dividend”phenomenon from the perspectives of liquidity,precautionary and speculative demand for cash.Third,the conclusion provides some advice for the monitor of the capital market and helps investors be more acquainted with the equity pledge.

关 键 词：股权质押 现金股利 治理机制 现金需求 流动性 

分 类 号：F275[经济管理—企业管理]