人力资本及其结构视角下企业现金股利分配研究  

Research on the Distribution of Corporate Cash Dividends from the Perspective of Human Capital and Its Structure

作　　者：田马飞 孙红艳 肖星[1] 许诺 李姝[4] Tian Mafei;Sun Hongyan;Xiao Xing;Xu Nuo;Li Shu(School of Economics and Management,Tsinghua University,Beijing 100084,China;School of Accounting,Hebei University of Economics and Business,Shijiazhuang 050061,China;School of Business Administration,Guangxi University,Nanning 530004,China;School of Business,Nankai University,Tianjin 300071,China)

机构地区：[1]清华大学经济管理学院,北京100084 [2]河北经贸大学会计学院,石家庄050061 [3]广西大学工商管理学院,南宁530004 [4]南开大学商学院,天津300071

出　　处：《技术经济》2024年第6期58-67,共10页Journal of Technology Economics

基　　金：国家社会科学基金重点项目“企业技术创新与现金资产配置的动态耦合机制及产业升级效应研究”(20AGL012);中国博士后科学基金第74批面上项目“供应链资源’拼凑-编排’演进视角下企业绿色双元创新平衡机制优化研究”(2023M741902)。

摘　　要：人力资本作为企业获得竞争优势的重要因素之一,对企业的行为会产生显著影响。本文以2009—2020年中国A股上市企业为样本,探讨人力资本及高级人力资本结构对企业现金股利分配的影响。研究发现,人力资本投入及高级人力资本结构会显著减少企业现金股利分配。在经过一系列稳健性检验后,结论依然成立。进一步分析中发现,在人力资本较为密集的企业中,现金股利分配更少或企业更不倾向于分配现金股利;融资约束和《会计准则第9号——职工薪酬》的修订皆强化了人力资本及高级人力资本结构与现金股利分配间的负向关系。本文将劳动经济学理论同公司金融相结合,从人力资本的“正面”视角发现了中国企业“低股利”现象之谜。Human capital,as one of the important factors for firms to gain competitive advantage,can have a significant impact on the behaviour of firms.A sample of Chinese A-share listed firms from 2009 to 2020 was used to explore the impact of human capital and senior human capital structure on corporate cash dividend distribution.It is found that human capital investment and advanced human capital structure significantly reduce corporate cash dividend distribution.The findings still hold after a series of robustness tests.Further analysis reveals that cash dividends are distributed less frequently or are less likely to be distributed by firms that are more human capital intensive,and that both the financing constraint and Corporate Accounting Standard No.9-Employee Compensation reinforce the negative relationship between human capital and senior human capital structure and cash dividend distribution.By combining labor economics theory with corporate finance,the mystery of the“low dividend”phenomenon of Chinese enterprises is discovered from the“positive”perspective of human capital.

关 键 词：人力资本 现金股利分配 融资约束 现金持有 

分 类 号：F272.3[经济管理—企业管理]