股利分配效率的驱动因素研究--委托代理与议价能力  

Dividend Distribution Effectiveness:Agency by Agreement and Bargaining Power

作　　者：郑晓亚 刘飞 陈华 ZHENG Xiao-ya;LIU Fei;CHEN Hua

机构地区：[1]复旦大学管理科学与工程博士后流动站 [2]红塔红土基金管理有限公司 [3]中国证券登记结算公司

出　　处：《中央财经大学学报》2021年第10期118-128,共11页Journal of Central University of Finance & Economics

摘　　要：笔者以委托代理理论为研究基础,结合中国大陆A股市场中小板上市公司在行业、规模、治理结构等方面客观上存在的差异,采用双边随机前沿方法进行量化分析,拓展股利分配领域研究的维度与深度,揭示传统方法无法归因或解释的现象,进一步丰富相关领域研究成果,为应用实践提供参考。研究发现:当前中国大陆A股市场中小板上市公司股利分配效率偏低,实际分配水平低于最优分配水平;委托代理双方议价能力对中小上市企业股利分配政策具有重要影响;进一步地以行业、规模和时间为结构性分析维度研究后发现,样本企业股利分配效率存在值得关注的异质性。未来股利分配相关法律与政策可考虑以本文研究为参考,充分结合我国国情,围绕委托代理双方的权责利与议价过程制定更具针对性的规制方案与执行手段,以兼顾各方合理利益诉求为基础性前提,切实发挥监督主体的治理作用,为权益类直接融资市场的长期稳定健康发展提供坚实保障。Based on the principal-agent theory,this paper combines the differences in the industry,scale and governance structure of the small and medium sized listed companies in the Chinese mainland A share market,and adopts the two-tier stochastic frontier to imply quantitative analyses,and expands the dimensions and depth of the relevant research areas of dividend distribution,and reveals the phenomenon that traditional methods may not be able to attribute or interpret.The study finds that the dividend distribution efficiency of the small and medium listed companies in the Chinese mainland A share market is low.The actual dividend distribution level of sample enterprises is lower than the optimal dividend distribution level;the bargaining power of principal and agent has an important impact on the dividend distribution policy of small and medium-sized listed enterprises.In addition,taking industry,scale and time as structural analysis dimensions,we find that there is significant heterogeneity with dividend distribution efficiency among sample enterprises.In the future,the relevant laws and policies of dividend distribution can be considered as a reference,fully integrate China s national conditions,and formulate more targeted regulatory programs and implementation means around the rights,responsibilities,interests and bargaining process of the principal and agent parties,so as to give full play to the governance role of the supervision subject,To provide a solid guarantee for the long-term,stable and healthy development of the equity direct financing market.

关 键 词：股票市场 中小企业 股利分配 委托代理 议价能力 双边随机前沿 

分 类 号：F832.5[经济管理—金融学]