基于投资者保护的股利支付决策迎合效应研究

On Catering Effect of Dividend Payment Policy Based on Investor Protection

在投资者保护的分析框架下,借鉴迎合理论的基本思想,本文采用1998-2010年所有沪深A股的年度分配方案,在控制自由现金流、成长性、公司规模、盈利性和资产负债率的条件下,检验了股利溢价对现金股利支付决策的影响。研究结果表明投资者给予的现金股利溢价越高,公司发放股利的可能性越小;在法治水平较差的地区,迎合理论的印证能力更强,说明法治水平越低,利益输送越强。

In the analysis framework of investor protection,and based on catering theory,we use the annual allocation scheme of 1998-2010 all A-share to check the effect of dividend premium on payment policy,in control of free cash flow,growth,size,profitability,ratio of liabilities to assets.Research results indicate that the higher the dividend premium paid from investors,the smaller the possibility of dividend payment from managers.We further find that catering theory exist more widely in low law level district,which show the lower the law level,the stronger interest transfer.