可持续增长与国企现金分红——基于政治关系和外部治理环境的视角

Sustainable Growth and Cash Dividends in State-owned Enterprises——from a perspective based on external environment and political relations

以2006—2007年的国有上市企业为样本,以投资机会为研究路径,基于不同的外部治理环境并区分了企业是否拥有政治关系,来探求可持续增长与国企现金分红的关系。实证研究表明:从总体上看,可持续增长与国企现金分红负相关;政治关系的存在对两者之间的敏感性不造成影响;而外部治理环境会影响到两者之间的关系,只有在外部治理环境好的地区,两者之间才负相关。在对分样本回归后可看出,当企业处于外部治理环差的地区且没有政治关系时,可持续增长与国企现金分红不相关,而政治关系与差的外部治理环境之间存在替代效应。

With the listed state-owned companies in 2006-2007 as the sample and investment opportunities as the research path,this paper explores the relationship between the sustainable growth and the cash dividend of state-owned enterprises based on different external governance environment and whether a company has a political relationship.Empirical study results show that： overall,a negative relationship exists between the sustainable growth and the cash bonus;and the political relationship does not affect the sensitivity of them;but the external governance environment has influences on the relations,and only in the good environment,the negative correlation would appear.In the meantime,the reunification of the sub-samples indicates that,when companies are in poor governance areas and have no political ties,sustainable growth and cash bonus of state-owned enterprises is uncorrelated,while there is substitution effect between political relations and poor external governance environment..