分红能力与分红水平的“错位”关系——基于我国制造业上市公司的实证研究  

Mismatch Between Dividends Payment Capacity and Dividends Level:An Empirical Study Based on China’s Listed Manufacturing Companies

作　　者：姚芊[1] 胡佳利 Yao Qian;Hu Jiali

机构地区：[1]上海工程技术大学管理学院,上海201620

出　　处：《上海金融》2024年第5期3-16,共14页Shanghai Finance

基　　金：国家社会科学基金项目“数字普惠金额激励性监管制度研究”(项目编号:22BFX112)资助。

摘　　要：本文以2004-2022年我国制造业上市公司数据为研究样本,采用公司盈余和自由现金的双重标准衡量企业分红能力,实证检验了分红能力与分红水平的“错位”关系,研究发现:经营杠杆高、融资约束大、投资需求高时,企业更倾向于分红不足;对投资者和监管政策的双重迎合动机,是企业“庞氏分红”的重要驱动因素。进一步分析发现,分红不足和“庞氏分红”均不利于企业未来发展;资本市场开放政策有助于纠正“错位”关系;管理者在“错位”关系中发挥“协调者角色”,可以抑制企业“庞氏分红”行为。This article uses data from listed manufacturing companies in China from 2004 to 2022,and employs the dual standards of corporate earnings and free cash to measure dividends payment capacity.It empirically examines the“mismatch”between dividends payment capacity and dividends level.The research finds that high operating leverage,significant financing constraints,and high investment demand lead companies to under-dividend.The dual motivation to cater to investors and regulatory policies is a key driver of corporate“Ponzi Dividends”.Further analysis reveals that both under-dividend and“PonziDividends”are detrimental to the future development of companies.The implementation ofcapitalmarket liberalization policies helps correct the“mismatch”andmanagers playa“coordinator role”in this context,restraining“Ponzi Dividends”behaviors.

关 键 词：现金股利 分红能力 庞氏分红 公司治理 

分 类 号：F275[经济管理—企业管理]