股价崩盘风险对企业现金股利政策的影响研究  

Research on the Impact of Stock Price Risks on Enterprise Cash Dividend Policy

作　　者：王亚童 乔智 WANG Ya-tong;QIAO Zhi(College of Finance and Statistics,Hunan University,Changsha 410079,China;Bank of Changsha,Changsha 410082,China;School of Big Data,Fudan University 200433,China;Zhuhai-Fudan Innovation Institute,Financial Innovation and Development Center,Zhuhai 519000,China)

机构地区：[1]湖南大学金融与统计学院,湖南长沙410079 [2]长沙银行股份有限公司,湖南长沙410082 [3]复旦大学大数据学院,上海200433 [4]珠海复旦创新研究院金融创新发展中心,广东珠海519000

出　　处：《湖南大学学报（社会科学版）》2022年第5期88-95,共8页Journal of Hunan University(Social Sciences)

基　　金：广东省哲学社会科学“十四五”规划青年项目:数字金融影响银行风险的理论与经验研究(GD21YYJ07);长沙市社科联哲学社会科学规划课题:长沙融入国家重大战略研究(2022csskkt201)。

摘　　要：基于我国上市公司的数据,研究股价崩盘风险对企业现金股利政策的影响。从理论上分析了股价崩盘风险对企业现金股利支付意愿和支付水平的影响。在此基础上,构建了相关的计量模型。研究结果表明:第一,股价崩盘风险升高时,企业的现金股利支付意愿和支付水平都更低;第二,股价崩盘风险主要是通过融资约束渠道而非代理冲突渠道来影响企业的现金股利政策;第三,半强制分红政策实施后,股价崩盘风险对企业现金股利的抑制作用减弱,在一定程度上发挥了促进上市公司分红的积极作用。Based on the Chinese listed companies,we study the impact of stock price crash risk on corporate cash dividend policy.First,we analyze the impact of stock price crash risk on the willingness and level of cash dividend of enterprises on theory.On this basis,the empirical research models are constructed.Through the study,it is found that First,when the stock price crash risk increases,the willingness and level of cash dividend payment of enterprises are lower.Second,the stock price crash risk mainly affects the listed companies’cash dividend policy through financing constraint channels rather than agency conflict channels.Finally,after the implementation of the semi-mandatory dividend policy,the stock price crash risk has weakened its inhibiting effect on cash dividends of listed companies and played a positive role in promoting dividends of listed companies to some extent.

关 键 词：股价崩盘风险 现金股利 半强制分红政策 

分 类 号：F830.91[经济管理—金融学]