半强制分红政策下的股权再融资与分红决策研究——来自A股民营上市公司的经验证据

Equity Refi nancing and Dividend Policy under Semi-mandatory Dividend System: the Evidence From Private Listed Companies in A-share

“重融资、轻分配”是国内上市公司久治不愈的顽疾。2000年后出台的半强制分红政策虽是充分考虑了我国国情而对症下药的制度创举，但政策本身的漏洞使得新一轮监管博弈重新开始。本文以22003～2011年间A股民营上市公司为研究对象，分析了半强制分红政策下其融资需求、融资形式与其分红决策的关系。最后得出提高半强制分红条件的标准，调整对不需股权再融资、以及定向增发企业的监管策略是促使国内市场融资分配秩序良性运作的重要措施。

Valuing financing while neglecting distribution is a serious problem of domestic listed companies. Although semi-mandatory dividend policy introduced since 2000 had fully considered the situation of our country, the flaw of policy caused a new round of regulation game. This paper took private listed companies in the A-share market in 2003-2011 for study. It analyzed that the relationship between the companies＇ financing needs and their dividend decisions. Finally, it drawn a conclusion that adjusting the regulatory strategy of finance and dividends is a critical measure for leading domestic financing ＆ allocating market into the healthy operation.