公司治理与现金股利相关性研究——基于代理成本和融资约束的双重视角

Corporate Governance and Cash Dividend Payment in China——Study from the Perspective of Agency Problem and External Financing Constraint

代理冲突和外部融资约束同时制约着公司的现金股利政策。本文研究代理冲突与外部融资约束相互制衡时,公司治理对现金股利政策的影响。实证研究结果表明,代理问题的存在使得我国上市公司迫于股东的压力而倾向于支付更多的现金股利,当上市公司同时面临代理问题和外部融资约束时,公司治理较好的上市公司倾向于支付更多的现金股利。

This article analyzes the impact of corporate governance on cash dividends with both the agency problem and 125external financing constraints taken into account.Based on the data of Chinese listed companies who paid cash dividends during 2006-2008 our tests show that,when facing both agency problem and external financing constraints,the corporate governance index and the cash dividend payout ratio shows a positive correlation.