大股东控制权与所有权分离度对企业现金分红影响研究——基于中国分红监管政策调节效应的实证检验  

The Research on the Impact of Separation of Ownership and Control of Major Shareholders on Cash Dividends of Enterprises:An Empirical Test Based on the Moderating Effect of China's Dividend Regulatory Policies

作　　者：吴国鼎[1] WU Guo-ding

机构地区：[1]中国社会科学院世界经济与政治研究所

出　　处：《中央财经大学学报》2023年第7期113-128,共16页Journal of Central University of Finance & Economics

基　　金：中国社会科学院创新工程项目“公司治理的国际比较”。

摘　　要：分红监管政策对于两权分离度与现金分红之间的关系具有调节效应。笔者以2004—2018年中国沪深A股市场中上市企业的相关数据,从样本总体以及区分监管政策类型、企业所有制类型、企业所处地区市场化程度等维度,实证检验了两权分离度对企业现金分红的影响及其间分红监管政策发挥的调节效应。检验结果证实:两权分离度对企业现金分红有负向影响,但是半强制分红政策削弱了这种负向影响;区分所有制类型检验证实,半强制分红政策对国有企业中两权分离度与现金分红之间关系的调节效应更大;区分企业所处地区市场化程度检验证实,半强制分红政策对低市场化程度地区之企业两权分离度与现金分红之间关系的调节效应更大;实施差异化分红政策增强成长期企业中两权分离度与现金分红之间的负向关系,削弱成熟期企业中两权分离度与现金分红之间的负向关系。本文的研究结论拓展了宏观经济政策下的企业代理理论,能够为改进监管政策以及提高公司治理水平提供理论依据。The dividend regulatory policies have a moderating effect on the relationship between the separation of ownership and control and cash dividends.Based on the data of listed enterprises in China's Shanghai and Shenzhen A-share markets from 2004 to 2018,the author empirically tests the impact of the separation of ownership and control on cash dividends and the moderating effect of dividend regulatory policies by distinguishing between the types of regulatory policies,types of enterprise ownership,and the degree of marketization in the region where the enterprise is located.The study found that the degree of separation of ownership and control has a negative impact on corporate cash dividends,but the semi mandatory dividend regulatory policies have weakened this negative impact.Distinguishing ownership types,the semi mandatory regulatory policies have a greater moderating effect on the relationship between the separation of ownership and control and cash dividends in state-owned enterprises.Distinguishing the degree of marketization in the region where the enterprise is located,the semi mandatory regulatory policies have a greater moderating effect on the relationship between the separation of ownership and control and cash dividends of corporates in regions with lower degree of marketization.The implementation of the differentiated dividend policies strengthens the negative relationship between the separation of ownership and control and cash dividends in growing enterprises,and weakens the negative relationship between the separation of ownership and control and cash dividends in mature enterprises.The research conclusions of this article expand the corporate agency theory under macroeconomic policies,and can provide theoretical basis for improving macroeconomic regulatory policies and improving the level of corporate governance.

关 键 词：两权分离度 分红监管政策 现金分红 企业类型 

分 类 号：F276.6[经济管理—企业管理]