股利政策同伴效应及其特征研究——基于中国半强制分红政策背景  

A Research on the Peer Effect of Dividend Payments and Its Characteristics——Based on Chinese Semi-mandatory Dividend Policy Background

作　　者：钟田丽[1] 李颖[1] 张天宇 ZHONG Tian-li;LI Ying;ZHANG Tian-yu(School of Business Administration,Northeastern University,Shenyang 110169,China;School of Business,Macao University of Science and Technology,Macao 999078,China)

机构地区：[1]东北大学工商管理学院,辽宁沈阳110169 [2]澳门科技大学商学院,中国澳门999078

出　　处：《工程管理科技前沿》2022年第4期83-89,共7页Frontiers of Science and Technology of Engineering Management

基　　金：国家自然科学基金资助项目(71150002)。

摘　　要：本文采用2004~2020年我国沪深两市A股非金融类上市公司样本数据,以同伴企业异质性股票收益和股权风险作为工具变量并控制“半强制分红政策”关联效应的影响,实证检验了我国上市公司股利增减变动决策的同伴效应及其特征,并进一步检验同伴效应的产生原因。研究发现:我国上市公司增加股利和减少股利行为都存在同伴效应,但在经济显著性和表现形式上存在非对称性特征,并且具有社会乘数效应。进一步研究发现,动态竞争是企业争相增加股利支付的重要原因,竞争等市场机制能促进企业自主分配股利。本文的研究,一方面深化和拓展了我国财务决策同伴效应的理论研究,另一方面对监管部门放松政策干预,发挥资本市场调节作用具有重要启示。Using the sample data of A-share non-financial listed companies in Shanghai and Shenzhen stock markets from 2004 to 2020,the research empirically examines the peer effect and its characteristics of Chinese listed firms’dividend increases and decreases,taking the idiosyncratic stock return and equity risk as two instrumental variables and controlling the influence of the“Semi-mandatory Dividend Policy”.The research further investigates the causes of the peer effect.The results indicate that:there are peer effects in both increasing and decreasing dividends,but there is asymmetry in economic significance and the form of expression,and there is social multiplier effect.Further research shows that competition is an important reason for enterprises to increase dividend payment,and market mechanism such as competition can promote enterprises to distribute dividends spontaneously.This research deepens and expands the theoretical research on peer effects of financial decision-making.Further,it has important implications for the regulatory authorities to reduce policy intervention and make the market work.

关 键 词：股利政策 同伴效应 工具变量 半强制分红政策 动态竞争 

分 类 号：F275.4[经济管理—企业管理]