外部执法环境对公司股息支付政策的影响分析

Research on the Influence of Law Enforcement Environment on the Dividend Payment Policy of Listed Companies

作为资本市场资源配置效率保障的投资者保护制度,由外部治理环境与公司内部治理机制构成。外部治理环境的法律对投资者的保护状况,是否对公司内部治理产生影响?以及影响方向是什么?通过对区域执法环境对上市公司股息支付水平影响的实证研究,可以得出如下结论:执法效率高的区域,公司更倾向于向股东支付股息,而且股息支付率更高。因此外部法律环境的改善有助于提升公司内部治理水平。

Composed of outside governance and inside governance, the institution of investor protectioncontributes to the efficiency of resource distribution. Does the level of investor protection by law have aneffect on corporate inside governance and how？ By analysing the relationship between law inforcement lev-els and dividend payment, it concludes that the higher the law enforcement efficiency, the higher prefer-ence companies pay the dividends and the higher dividend pay ratio. Therfore, improvement of law envi-ronment will be helpful for corporate governance.