经济政策不确定背景下企业现金股利政策研究  

Study on Corporate Cash Dividend Policy under the Background of Economic Policy Uncertainty

作　　者：胡刘芬[1] 周泽将[1] HU Liu-fen;ZHOU Ze-jiang(School of Business,Anhui University,Hefei,Anhui,230601,China)

机构地区：[1]安徽大学商学院,安徽合肥230601

出　　处：《经济管理》2023年第3期170-191,共22页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金青年项目“ESG对企业高质量发展的影响机制与政策优化研究”(22CGL009);国家自然科学基金面上项目“组织权威、经济独立性与监事会治理研究:理论框架与实证检验”(72172001);安徽省自然科学基金优青项目“国有企业公司治理前沿问题研究”(2208085Y22)。

摘　　要：股利政策一直是财务学界广泛关注的热点话题,本文探讨经济政策不确定性背景下企业现金股利分配行为及其经济后果。以2009—2020年在沪、深两市上市交易的所有A股公司为样本的实证检验结果显示,随着经济政策不确定性上升,企业现金股利分配倾向减弱、力度降低,高经济政策不确定性抑制了企业现金股利分配,且该抑制效应具有一定的持续性;宏观经济状况和企业产权性质对两者关系起调节作用;风险应对及融资约束因素构成了经济政策不确定环境中企业选择保守股利政策的内在逻辑;经济政策不确定性上升时企业缩减现金股利支付的行为有助于平滑现金流波动并缓解投资不足问题,对企业价值具有积极正面影响。本文为解释经济政策不确定背景下中国上市公司的现金股利政策提供了全新视角,同时为企业决策以及政府政策制定提供了可借鉴的经验参考。In order to protect the legitimate rights and interests of small and medium-sized investors,since 2001 the China Securities Regulatory Commission has successively issued various policies to encourage listed companies to actively distribute cash dividends,but the effect is not significant.The existing literature has explored the influencing factors of corporate cash dividend decision from different perspectives,but so far the“dividend mystery”has not been solved.Based on China's special institutional background,this paper examines the specific characteristics,internal logic and economic consequences of corporate dividend behavior in the context of economic policy uncertainty to reveal the mystery of cash dividend distribution of Chinese enterprises from the macro-policy perspective.Taking all A-share listed companies in China between 2009 and 2020 as a sample,we conduct empirical research and get the following results.As economic policy uncertainty increases,the tendency and intensity of corporate cash dividend distribution declines.High economic policy uncertainty inhibits corporate cash dividend distributions and the inhibition effect will last for several years.Macroeconomic conditions and the nature of enterprise property rights play a moderating role in the relationship between economic policy uncertainty and corporate cash dividend policy.Risk response and financing constraints constitute the internal logic for companies to choose conservative dividend policies in the environment of economic policy uncertainty.The behavior of companies to reduce cash dividend payments when economic policy uncertainty rises,not only helps to smooth the fluctuation of cash flow and alleviate the problem of insufficient investment,but also has a positive impact on corporation value.The main contributions of this research include three aspects.Firstly,low cash dividend and high economic policy uncertainty are the common characteristics of transitional countries.The paper explores the relationship between the two,which reveal

关 键 词：经济政策不确定性 现金股利政策 风险应对 融资约束 

分 类 号：F275[经济管理—企业管理]