双重迎合与现金股利平稳性——基于中国A股上市公司的实证研究

Dual Catering and Cash Dividend Smoothing ——An Empirical Research on Chinese A-share Listed Companies

市场机制与监管机制的共同作用为中国上市公司的现金股利决策带来了特殊的双重迎合动机。本文以1998-2017年中国A股上市公司为样本,以资本市场自发的投资者迎合和外部监管压力下的政策迎合对上市公司现金股利决策跨期动态调整的叠加作用为视角,实证检验了双重迎合对现金股利平稳性的影响。研究发现,半强制分红政策实施前,投资者偏好和预期的迎合对我国上市公司股利平稳性的作用明显,而监管政策作为新的强迎合对象,不同程度的削弱了原有市场机制的作用。其中,国有企业的政策迎合动机远高于非国有企业,达标型分红作为国有上市公司逐渐"理性"的策略性迎合手段帮助股利监管政策在实施后期实现了预期效果。

The combination of market and regulatory mechanism brings special dual catering motivation to the cash dividend decision of Chinese listed companies.Based on the sample of A-share listed firms from 1998 to 2017,this paper empirically tested the influence of dual catering on the cash dividend smoothing.It is found that before the implementation of semi-mandatory dividend rules,the catering of investors’preference and expectation has an obvious effect on the dividend smoothing,while the supervision policy,as a new strong catering object,weakens the effect of the original market mechanisms.