金融抑制论视角下的会计信息披露与股利政策

Accounting Information Disclosure and Dividend Policy from the Perspective of Financial Repression

会计信息披露制度和股利分配制度作为证券市场两大重要制度,对促进证券市场的发展具有关键的作用,与发达国家证券市场相比,我国该两大制度并没有发挥出有效的作用,上市公司隐瞒重大不利信息以及股利分配形式化等问题普遍存在。本文以金融抑制论作为指导思想,以会计信息披露和股利分配两者之间的关系作为研究对象,在自由金融市场假设前提下,从理论研究出发论证了两者之间存在显著的正相关性;接着又运用会计信息披露指数和股利支付率两个指标对两者关系进行实证分析,指出在实践中两者比较孤立且不存在联系。最后结合金融抑制论指出了理论和实证分析差异的原因,即我国证券市场中存在的金融抑制,其作为外生变量影响了股利分配和信息披露的背景环境,从而破坏了两者的均衡关系,相关性也随之消失。

Accounting information disclosure system and the dividend distribution system as two important systems of securi-ties market, have a key role in promoting the development of the securities market. Compared with the developed countries, these two major systems in China did not play an effective role. Some problems exist, for example, listed companies conceal important adverse information and dividend distribution is formalized. This article regards financial repression theory as the guiding ideology, the relationship between accounting information disclosure and dividend distribution as the object of study, to demonstrate a positive correlation between them from the assumption of free financial markets and from a theoretical study;then the paper uses two indicators of accounting information disclosure index and the dividend payout ratio for empirical analy-sis of their relationship,and points out that in practice both are in isolation and there is no contact. Finally,with financial re-pression theory, the paper points out the reasons for the difference of theory and empirical analysis. There exists financial re-pression in China＇s securities market,as an exogenous variable,which affects the background environment of the dividend dis-tribution and the information disclosure, thereby, destroys the equilibrium relationship between two and the correlation also disappears.