公司特质不确定性与股利政策  

Firm-specific Uncertainty and Dividend Policy

作　　者：钟华明 韩永辉 Zhong Huaming;Han Yonghui

机构地区：[1]广东外语外贸大学金融学院 [2]广东外语外贸大学广东国际战略研究院

出　　处：《金融经济学研究》2025年第1期109-123,共15页Financial Economics Research

基　　金：国家社会科学基金重大项目(21&ZD074);国家自然科学基金项目(71873041;72073037);广东省自然科学基金项目(2022B1515020008)。

摘　　要：利用中国A股非金融类上市企业2007—2019年的季度数据,分析公司特质不确定性对不同股利政策的影响。研究发现,公司特质不确定性对非金融企业的现金股利支付和股票回购两种股利政策都有显著负向影响。进一步地,管理者股权激励程度和机构投资者的外部监管程度增强都会减弱公司特质不确定性对股利政策产生的负向影响。相比国有企业、中小企业和非制造业企业,公司特质不确定性对民营企业、大企业和制造业企业的股利政策产生的负向影响更大。完善公司内外部治理机制可缓和不确定性对非金融企业的股利政策产生的负面影响,且有助于保护中小投资者利益和维持资本市场长远健康发展。This study analyzed the effect of firm-specific uncertainty on different dividend policies based on the quarterly data of China’s A-share listed non-financial firms for 2007-2019.This study found that firm-specific uncertainty has a significant negative effect on two dividend policies among non-financial firms:cash dividend payment and stock repurchase.Furthermore,increased equity incentives for managers and enhanced external regulation by institutional investors weaken the negative effect of firm-specific uncertainty on dividend policy.Firm-specific uncertainty has a greater negative effect on dividend policy among private,large,and manufacturing firms than state-owned,small and medium-sized,and non-manufacturing firms.Improving internal and external corporate governance mechanisms can not only mitigate the negative impact of uncertainty on the dividend policies of non-financial firms,but also help to safeguard the interests of small and medium-sized investors and maintain the healthy development of capital markets in the long run.

关 键 词：公司特质不确定性 股利政策 现金股利 股票回购 机构投资者 

分 类 号：F832.4[经济管理—金融学]