媒体关注与公司现金股利支付

MEDIA ATTENTION AND THE CORPORATE CASH DIVIDEND PAYMENTS

随着中国证监会针对上市公司现金股利支付行为的一系列政策的出台,公司的现金股利支付行为成为广受热议的重点话题。本文从媒体关注视角研究了中国上市公司的现金股利支付行为。通过实证研究,本文得到如下研究结论:(1)媒体关注的增多可以显著提高公司未来股利支付意愿和支付水平;(2)媒体关注与"铁公鸡"公司、"微股利"公司的比例显著负相关;(3)与国有控股公司相比,媒体关注对民营控股公司未来股利支付意愿和支付水平的正面影响更为显著;(4)媒体关注对第一类和第二类代理问题更严重的公司的现金股利支付意愿和支付水平的正向影响更强。进一步的研究还显示,媒体关注与现金股利支付意愿和支付水平的正相关关系在管理层持股比例低、非国际四大会计师事务所审计、分析师跟踪少的公司样本中更显著。以上结论说明媒体关注是除行政治理外,另外一种督促上市公司支付现金股利的重要机制。本文除了具有丰富媒体治理和股利政策两方面理论研究的贡献外,对监管机构规范资本市场股利支付行为和保护投资者权益具有重要政策启示。

Along with the China securities regulatory commission enacting a series of policies for the listed company cash dividend payments, the company＇s cash dividend payments become popular important topic. From the perspective of media attention, this paper studies the cash dividend payment behavior of Chinese listed companies. Through empirical research, this paper provides the following conclusions： （1） increas- ing media attention can significantly improve the level of company future dividend payment willingness and payment; （2） media attention and the proportion of ＂stingy＂ or ＂minor dividend＂ companies have signifi- cant negative correlation; （3） compared with the state-owned companies, the future dividend payment willingness and levels of private companies have more strong positive correlation with the media attention; （4） the media has stronger positive influence on the cash dividend payment willingness and levels where companies having more serious agency problem. Further research also shows that the stronger positive cor- relation between the media attention and cash dividend payment willingness and levels exist in the samples of companies management ownership is lower, non-big4 audited, less analysts followed. The above conclu- sions show that media attention is another important mechanism to make listed companies pay cash divi- dends in addition to the administration. This paper, not only has contributions to the research field of media governance and dividend policy, but also has important policy implications to regulate the dividend payments for capital market regulators and protect the rights and interests of investors.