非平稳性股利政策会促进企业创新吗?——基于我国上市公司的经验证据  

Does non-smoothing dividend policy promote innovation investments?Empirical evidence based on listed companies in China

作　　者：董竹 金笑桐[2] DONG Zhu;JIN Xiaotong(Center of Quantitative Economics,Jilin University,Changchun 130012,China;Business School,Jilin University,Changchun 130012,China)

机构地区：[1]吉林大学数量经济研究中心,吉林长春130012 [2]吉林大学商学院,吉林长春130012

出　　处：《产业经济研究》2021年第5期128-142,共15页Industrial Economics Research

基　　金：国家社会科学基金一般项目(19BJY016);吉林省社会科学基金重点项目(2021A15)。

摘　　要：资本市场中股利平稳性政策信号是否能够影响企业经济资源向创新投资项目的倾斜?其作用机理是什么?在分离"差异化分红政策"效果后该现象能否继续存在?为回答上述问题,以2007—2020年沪深A股上市公司数据作为样本,基于股利信号理论与迎合理论考察了股利平稳性的信号效应对企业创新投资的影响及其内部机理。研究发现股利非平稳企业在创新研发项目方面的投资程度更高,且分组回归结果显示该效果在非国有企业以及成长型企业中更为明显,同时实证检验支持了理性迎合渠道的存在,即投资者的消极情绪直接刺激了非平稳性股利政策对企业创新投资的促进作用。进一步讨论"差异化分红政策"的影响,结果证实,在为获得再融资资格进而发放股利的企业中,非平稳股利政策对创新投资的促进效果及其作用机理依旧存在。然而,"差异化分红政策"虽能够有效改善我国上市企业的"微股利"发放现状,但也加剧了企业内部自由现金流的短缺,不利于非国有企业与成长期企业的发展。股利不平稳的信号会引发我国资本市场中公司股价以及外部融资环境的变动,进而对实体经济资源配置造成显著影响。以上结论为研究资本市场信号冲击对企业创新等实体经济发展的影响提供了经验证据。Will dividend-smoothing policy signals in the capital market support the tilting of corporate economic resources toward innovative investment projects?If so,what is the mechanism behind this action?Will this phenomenon continue to exist after separating the effects of"differential cash dividend policy"?To answer these questions,this study utilizes data for A-share listed companies in Shanghai and Shenzhen from 2007 to 2020 as samples to examine the impact of dividend smoothing on corporate innovation investment,and explore the mechanism of its effect,based on the dividend signal theory and the catering theory.The main result implies that firms with non-smoothing dividend policy invest more in innovative projects,and the group regression results suggest that this phenomenon is more obvious in non-state enterprises and growing enterprises.In addition,this study finds support for the existence of a rational catering channel,in which investor sentiment directly stimulates non-smooth dividend policy to promote firms’innovation investments.Further,this paper analyzes the effect of"differential cash dividend policy",which shows that for firms that pay dividends in order to qualify for refinancing,the promotion effect of volatile dividend policy on R&D investment remains.Although differential cash dividend policy can effectively alleviate the current situation of"micro-dividend"payments for listed enterprises in China,it also exacerbates the shortage of free cash flow within the firms,which is not conducive to the development of non-state-owned companies and growth-stage companies.The signal of unstable dividend policy triggers changes in the share price and external financing environment of companies in the Chinese capital market,which in turn significantly affect resource allocation of the enterprises.The findings provide empirical evidence to explore the link between the signaling impact of the capital market and the development of the real economy.

关 键 词：股利平稳性 股利信号理论 创新投资 迎合理论 差异化分红政策 

分 类 号：F275.5[经济管理—企业管理]