企业投资效率对股利平稳性的影响:“替代效应”还是“结果效应”  

How Investment Efficiency Affected Dividend Stability:“Substitution Effect”or“Consequence Effect”?

作　　者：董竹 柏向昱[2] DONG Zhu;BAI Xiangyu

机构地区：[1]吉林大学数量经济研究中心 [2]吉林大学商学与管理学院

出　　处：《暨南学报（哲学社会科学版）》2022年第10期36-55,共20页Jinan Journal(Philosophy and Social Sciences)

基　　金：国家社会科学基金一般项目“城乡融合背景下普惠金融缓解相对贫困的机制与路径研究”(21BJY043);吉林省社会科学基金重点项目“资本市场助推企业创新能力提升与吉林省对策研究”(2021A19)。

摘　　要：近年来,现金股利平稳性受到投资者和监管部门的广泛关注。以“替代效应”和“结果效应”归纳了投资效率对现金股利平稳性影响的两种可能路径,使用2005—2019年沪深A股上市公司的数据,研究中国企业投资效率对股利平稳性的实际影响,并进行异质性分析。实证结果证明,企业投资效率的提升能够显著提高现金股利政策的平稳性,特别是降低过度投资程度会使股利平稳性增强,基于委托代理理论的“结果效应”成立。进一步从企业特质角度出发,研究发现非效率投资特别是过度投资对股利平稳性的抑制作用主要存在于非国有、信息透明度低的企业当中。In recent years,dividend stability is widely concerned by investors and regulatory authorities.From the perspective of“substitution effect”and“consequence effect”,two possible paths of the impact of investment efficiency on dividend stability are summarized respectively.Using the data of Shanghai and Shenzhen A-share listed companies from 2005 to 2019,this paper studies the impact of investment efficiency of Chinese enterprises on dividend stability,and conducts heterogeneity analysis.The empirical results show that the improvement of investment efficiency can significantly promote the stability of cash dividends.In particular,reducing the degree of overinvestment would improve dividend stability.Further research shows that the inhibiting effect of inefficient investment,especially excessive investment,on the stability of dividends,mainly exists in non-state-owned enterprises and enterprises with low information transparency.

关 键 词：股利平稳性 投资效率 过度投资 委托代理 

分 类 号：F272[经济管理—企业管理]