【摘要】 本文以2008年半强制分红政策的实施为制度背景,将其作为公司外部治理变量,考察了公司治理与上市公司股利行为的关系。研究发现,半强制分红政策的实施提升了公司现金股利的支付意愿,但未能实现上市公司股利支付水平(股利支付率)的整体提升,甚至在一定程度上降低了整体股利支付水平。本文进一步采用双重差分(DI D)模型发现,半强制分红政策更为显著影响了具有再融资意愿的高成长低现金流公司、小规模公司及公司治理水平差的上市公司股利支付水平。研究表明,公司治理机制的完善会对上市公司股利支付行为产生积极影响。研究支持了现金股利是公司治理改善结果的股利"结果模型",也为相关部门完善资本市场治理的后续政策提供了经验证据。更多还原

【Abstract】 Previous empirical tests of the relationship between corp orate governance and dividend payout policy employ endogenous measures of the agency problem. In this paper, we attempt to examine the impact of corporate governance on dividend payout policy using an exogenous measure of variations: the passage of the semi-mandatory dividend policy in the 2008. The key advantage of this natural experimental setting is that we can avoid the drawback of endogenous measures of corporate governance in the existing dividend payout policy literature. Using a relatively exogenous measure that incorporates semi-mandatory dividend policy and the difference-in-difference(DID) approach, this study probes into the impact of corporate governance on the dividend behavior of listed companies. First, The empirical results indicates that, on average, dividend propensities significantly improved, But the overall level of dividend payout ratios fall following the passage of the semi-mandatory dividend policy. Next, this study further investigates the way in which a diff erences-in-differences approach is used; we find that the firms with the refinancing will be more significantly affected as well as lead to the mean of dividend payout ratios fall significantly. And the semi-mandatory dividend policy on dividend payouts has more pronounced effect for firms with poor internal corporate governance and small firms. The results show that the semi-mandatory dividend policy on payout ratios has a significant effect. Collectively, corporate governance plays an important role in the aspect of dividend behavior. This study shows that the improvement of corporate governance mechanism has a positive impact on the behavior of dividend. The above conclusions support the results of the "outcome model" of dividend payout policy. These findings will be of great significance to the further in-depth study concerning the relationship between corporate governance and dividend payout policy. Also, the findings of this study can not only enrich the theory about corporate governance and dividend policy, but also provide the new empirical evidence for the existing literature controversy and the subsequent policy.更多还原