“新官”上任后的“吝啬”:高管变更和现金股利分红  

The“Stinginess”of“New Executives”:Executive Turnover and Cash Dividend

作　　者：蒋彧[1] 吴艳 李鹏蕊 Yu Jiang;Yan Wu;Pengrui Li(School of Business,Nanjing University,Nanjing Jiangsu,210093)

机构地区：[1]南京大学商学院

出　　处：《南大商学评论》2023年第4期65-91,共27页Nanjing Business Review

摘　　要：现金股利分红是投资者获取收益的重要方式,合理的股利分配有助于公司获得投资者的青睐和信任。高管是公司运营的主导者,亦是股利分配的决策者。高管一旦出现变更,公司的诸多方面会发生变化,现金股利分红也会受到影响。本文运用A股市场2014~2020年数据,实证检验高管变更对现金股利分红的影响,结果表明:高管变更会减少现金股利分红,内部资金需求和外部融资约束是两者关系的作用渠道,继任者特征对两者关系具有显著的调节效应,股利分配方式、公司内部治理、公司外部监督的差异会导致两者关系出现异质性,高管变更对现金股利分红的影响具有时效性。实证结果明确识别了高管变更和现金股利分红之间的因果关系,充分论证了两者的因果链条。本文研究有助于监管部门监督股利分配行为、上市公司优化股利分配方案以及投资者合理制定投资决策。Cash dividend distribution serves as a significant means for investors to achieve returns,and the rational allocation of dividends enhances investor favorability and trust in companies.Executives play a pivotal role in corporate operations and act as decision-makers regarding dividend distribution.Executive turnover can introduce transformations across various facets of a compa-ny,consequently influencing cash dividend distribution.Using data from the A-share market in 2014-2020,this paper empinically investigates the impact of executive changes on cash dividend distribution.The results reveal that executive changes lead to a re-duction in cash dividend distribution,with internal funding requirements and external financing constraints serving as mediating mechanisms.The characteristics of successors significantly moderate the relationship between executive changes and cash dividend distribution.Differences in dividend distribution methods,internal governance,and external oversight contribute to heterogeneity in this relationship,and the impact of executive changes on cash dividend distribution is time-sensitive.These empirical results es-tablish a robust causal linkage between executive changes and cash dividend distribution and identify the underlying causal chain.Our study provides valuable insights for regulatory authorities overseeing dividend distribution practices,listed companies optimizing their dividend allocation strategies,and investors making informed investment decisions.

关 键 词：高管变更 现金股利分红 继任者特征 上市公司 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] F272.91