家族控制、金融发展与上市公司现金股利政策

Family Control, Financial Development and the Cash Dividend Policy of Listed Companies

本文以中国A股上市公司为样本,考察家族控制、金融发展对于上市公司现金股利政策的影响。实证发现,家族上市公司的派现意愿和派现水平显著低于非家族上市公司,一个重要原因在于家族上市公司面临着比非家族上市公司更高的融资约束。进一步地,在良好的外部金融环境中,上市公司的派现意愿和派现水平显著更高,而且金融发展有助于缓解家族上市公司的融资约束问题并推动其现金股利的发放。

Using a sample of Chinese A-share listed companies, this paper empirically tests the impacts of family control and fi- nancial development＇ on cash dividend policy. The results show that, family listed companies have significant lower cash divi- dend payout propensity and ratio than that of non-family listed companies, and a reasonable explanation is that the former face the higher level financial constraints than the latter. Furthermore, a favorable external financial environment has significant posi- tive impacts on cash dividend payout propensity and ratio of listed companies, and financial development contributes to relax- ing financial constraints and thus the higher cash dividend payout propensity and ratio of family listed companies.