我国上市公司股利政策“同群效应”研究

“Peer Effects” in Dividend Policy of China’s Listed Firms

近年来,我国上市公司分红日渐普遍,本文选取2007~2016年我国A股发放现金股利的上市公司为样本,采用工具变量方法,研究了我国上市公司股利政策的"同群效应"及其内在机制。研究发现:(1)我国上市公司的股利政策会显著受到同行公司股利政策的影响,即存在"同群效应";公司管理层在制定股利政策时会将同行公司股利政策作为重要参考。(2)产生"同群效应"的机制之一是"管理者声誉考虑",公司CEO任职时间越短、年龄越小,公司股利政策受同行公司的影响越明显。(3)产生"同群效应"的另一个机制是"管理者信息学习",行业内跟随者的股利政策会受到领导者的显著影响,而行业领导者的股利政策几乎不受跟随者的影响。本文拓展了公司股利政策影响因素的理论研究,研究结论可为公司管理层与投资者提供借鉴。

The cash dividend of China’s listed firms is widespread lately.Based on the data of 2007-2016,this paper identifies peer effects in dividend policy of China’s listed firms and the mechanism by adopting IV method.The results show that:(1)peer effects exist in dividend policy of China’s listed firms.When making dividend policy,company managers will take that of peer companies within the same industry as important reference.(2)One of the mechanisms of peer effects in dividend policy is"manager reputation consideration".The shorter the CEO’s working time or the younger CEO,the more obvious the influence of peer companies on the company’s dividend policy.(3)Another mechanism of peer effects in dividend policy is"manager information-learning".The dividend policy of followers in the industry will be significantly affected by the leaders,while the dividend policy of industry leaders is hardly affected by followers.This paper expands the theoretical research on the influencing factors of corporate dividend policy,and the conclusions can provide reference for corporate managers and investors.