企业“回报”行为的相关性和经济性——基于A股上市公司的实证研究  

The Correlation and Economy of Corporate“Return”Behavior--An Emprical Study of A-share Listed Companies

作　　者：窦欢[1] 孙悦晴 Dou Huan;Sun Yueqing(School of Management,Jinan University,Guangzhou 510632,China)

机构地区：[1]暨南大学管理学院,广州510632

出　　处：《工业技术经济》2021年第5期21-29,共9页Journal of Industrial Technological Economics

摘　　要：本文研究重点是企业的非经营性行为之间是否存在关联性,以及非经营性行为的经济性后果。本文通过研究2010~2019年所有A股上市公司“回报”行为,即股东分红和对外捐赠之间的关联性及其带来的经济后果,实证结果发现两类活动之间存在一定的关联性,也会对企业未来的经营业绩产生积极的影响。进一步分析表明,处于不同外部竞争环境和拥有不同内部治理特征的企业,在两类活动的关联性中表现出了不同的显著性。This paper focuses on whether there is a correlation between enterprises'non-operational behaviors and the economic consequences of non-operational behaviors.By studying the“return”behavior of all A-share listed companies from 2010 to 2019,that is,the correlation between shareholder dividends and foreign donations and its economic consequences,the empirical results find that there is A certain correlation between the two types of activities,which will also have a positive impact on the future business performance of enterprises.Further analysis shows that enterprises in different external competitive environments and with different internal governance characteristics show different significance in the correlation between the two types of activities.

关 键 词：股东分红 对外捐赠 经营业绩 利益相关者理论 非经营行为 内部治理 

分 类 号：F275.5[经济管理—企业管理] F270.3[经济管理—国民经济]