公司治理对现金股利政策的影响研究述评

Cash Dividend Policy and Corporate Governance: A Survey

公司治理对企业现金股利政策具有重要的影响:现金股利既有可能是公司治理改善的结果,也有可能是公司治理的替代机制。本文回顾了公司治理影响现金股利政策的两类代理模型,从广义的公司治理角度系统梳理了国内外学者关于公司治理机制影响企业现金股利政策的经验证据,总结了该领域研究存在的不足并展望了未来的研究方向。

Corporate Governance has an important influence on the cash dividend policies of listed companies. Cash dividends may be an outcome of corporate governance, or a substitute for corporate governance. Based on the agency theory of dividends, this paper analyzes the function of cash dividends, describes the research framework of relationship between cash dividend policies and corporate governance and collates empirical evidence from three aspects. Finally, we point out some directions for further research.