隐性行业壁垒对股利分配的影响——来自A股民营上市公司的经验证据

The Effect of Hidden Industry Barrier on Dividend Empirical Evidence of Private Listed Companies in A-share Market

自“非公经济36条”及新“36条”颁布后，隐性行业壁垒逐渐成为民营企业经营发展的最主要的行业障碍。本文通过对2003-2013年间A股民营上市公司的行业壁垒水平及其分配行为的研究发现，隐性行业壁垒不仅造成民营上市公司在行业间分布的不平衡，使其主要处于国内产业价值链的低端，而且隐性行业壁垒水平的高低与民营上市公司的股利分配意愿、派现意愿及派现水平呈显著负相关关系。本文的研究对于深化和落实新“36条”、改善资本市场的分配现状均有一定的参考价值。

Since the enactment of thirty-six items of non-public economy and the New ＂36 Items＂, hidden trade barriers gradually have become the main obstacle to private sector economy. Based on study of the distribution behavior and trade barriers of private listed companies in the A-share market during 2003 to 2013, this paper finds that hidden trade barriers not only make the private enterprises mainly located in the low end of the domestic industry value chain, cause an imbalance distribution within industry, but have a significant negative effect on the will of dividend distribution and the level of cash dividends payment of private enterprises. Conclusions of this paper may be useful for the deepening and implementation of the New ＂36 Items ＂and for improving efficiency of the capital market allocation.