【摘要】 本文借助国内融资融券试点安排,利用双重差分法研究了融资融券对于上市公司现金股利政策的影响。研究发现,融资融券的引入对企业现金股利支付倾向的影响不显著,但使得企业现金股利支付量显著减少。进一步研究发现融资融券使得投资者信念的异质程度上升,公司的投资效率上升,最终导致股利支付水平下降。更多还原

【Abstract】 Based on China’s margin trading experiment, this paper investigates the effect of margin trading on corporate cash dividend policy using DID method. The paper finds that margin trading has no significant effect on dividend payout probability, but it decreases the amount of cash dividends. Further studies find that margin trading raises the degree of investors’ heterogeneous beliefs and corporates’ investment efficiency, through which margin trading decreases the amount of cash dividends.更多还原