国企分红、过度投资与企业绩效--基于沪深两市国有控股上市公司的面板数据分析

The Dividend of State Owned Corporations,Overinvestment and the Performance of the Corporations——Based on the Panel Data of Shanghai and Shenzhen State Owned Listed Companies

本文运用2009～2012年“中证央企指数”中的306家国有控股上市企业的数据,实证研究了国企现金股利政策与过度投资之间的关系.研究结果表明,过度投资水平与企业绩效负相关,支付现金股利可以显著抑制企业过度投资行为.这表明国企分红抑制了企业过度投资行为,降低了代理成本.从降低代理成本、提高公司治理效率视角,本文的研究结论为国有企业股利分配提供了思考和借鉴.

This study aimed to empirically investigate the relationship between the stock dividend policy and overinvestment among state owned corporations by the data from 2009 to 2012 of state owned listed corporations as samples. The study finds that the correlation between overinvestment and the performance of the corporation is negative,and the payment of cash dividend can significantly prevent the corporations from overinvesting and cutting cost. From the perspective of cutting cost and improving the governance efficiency,the conclusions of this study offer some useful reminders for the dividend distribution of state owned corporations.