产融合作试点政策改善我国上市公司现金股利分配了吗?  

Does the Pilot Policy of Industry-Finance Cooperation Improve the Cash Dividend Distribution of Listed Companies in China?

作　　者：黄宏斌 李圆圆 梁慧丽 Huang Hongbin;Li Yuanyuan;Liang Huili

机构地区：[1]天津财经大学会计学院,天津300222

出　　处：《证券市场导报》2024年第11期49-58,共10页Securities Market Herald

基　　金：国家社会科学基金后期资助项目“基于横纵价值链视角的企业协同创新研究”(项目编号:23FGLB048);国家自然科学基金面上项目“上市公司自媒体信息披露及互动的影响因素及经济后果:基于微博、微信的研究”(项目编号:71872121)。

摘　　要：作为提升金融服务实体经济的重要举措,设立国家产融合作试点城市不仅强化了金融对企业的支撑作用,也为微观企业发展注入了新动能。本文以2012—2023年A股上市公司为样本,将设立产融合作试点城市作为一项准自然实验,实证检验了产融合作试点政策对微观企业现金股利分配的影响。研究发现,产融合作试点政策通过“威慑增强”“资源提升”和“风险弱化”三个路径有效提高了企业股利发放水平,增强了企业的股利平稳性。异质性检验发现,上述提升效果在非国有企业、技术密集型行业以及产品市场竞争程度较高的地区更为显著。经济后果检验发现,在产融合作试点政策的牵引下,股利发放和股利平稳性提升的企业,其未来一期和二期的投资效率也显著提高。As an important implementation to enhance the role of finance in supporting the real economy,the establishment of pilot cities for industry-finance cooperation not only strengthens the supporting role of finance for enterprises but also injects new momentum into the development of micro enterprises.Taking the A-share listed companies from 2012 to 2023 as a research sample,this paper takes the establishment of national pilot cities for industry-finance cooperation as a quasi-natural experiment to empirically test the impact of the pilot policy of industry-finance cooperation on the cash dividend distribution of micro enterprises.The research finds that the pilot policy of industry-finance cooperation effectively improves the dividend payment level and dividend stability of enterprises through three effects,including“deterrence enhancement,”“resource promotion,”and“risk weakening.”The heterogeneity test shows that the above promotion effect is more pronounced in non-state-owned enterprises,technology-intensive industries,and regions with a higher degree of market competition.The economic consequence test finds that under the traction of the pilot policy of industry-finance cooperation,future one-and two-period investment efficiencies are significantly increased for those enterprises with improved dividend payment and dividend stability.

关 键 词：产融合作 现金股利分配 信息不对称 融资约束 

分 类 号：F270[经济管理—企业管理]