中小股东“用手投票”能够促进上市公司现金分红么?

Can the Minority Voting Increase the Cash Payout of Listed Company?

现金股利政策作为上市公司重要财务决策之一,必然会受到中小股东积极主义行为的影响。基于2007-2018年我国A股上市公司的数据,本文采用logit和tobit模型研究发现,我国上市公司股东大会中小股东参与度能够显著提升现金股利支付意愿和支付水平,并且中小股东参与度对上市公司现金分红的促进作用在成长性较差以及股权集中度较低的公司中表现更为显著。本文的研究不仅表明我国中小股东积极治理对公司现金股利政策的影响符合"结果模型"的逻辑,并且为从正式制度层面倡导中小股东积极主义提供了新的证据。

Cash dividend policy, as one of the important financial decisions of listed companies, will be affected by the activism of minority shareholders. Based on the data of Chinese A-share listed companies during 2007-2018, this paper employs logit and tobit models to find that the participation of minority shareholders in annual general meeting will increase firm’s cash payout propensity and cash dividend level of listed companies, and this relationship is more pronounced when firm has less growth opportunity or lower share concentration. These results suggest that the effects of active governance of minority shareholders on corporate cash dividend policy should be consistent with"outcome model", and provide new evidence for advocating the activism of minority shareholders from the perspective of formal system.