IPO公司为何青睐现金股利分配——经验解析与中国A股市场的实证检验

Why IPO Companies Prefer Cash Dividend:Experience and Empirical Test of A-share Market

本文利用2003-2013年间948个IPO公司的样本,基于外部治理的地区市场化视角,实证检验了IPO公司青睐分配现金股利的原因,并考虑了政治关联的媒介作用。研究发现,地区市场化进程是IPO公司青睐分配现金股利的原因,即处于市场化进程越高的地区,IPO公司的现金股利分配倾向越高;具有政治关联的IPO公司也更倾向分配现金股利,但这一关系具有不稳定性;考虑政治关联起到的媒介作用后发现,在政治关联的IPO公司中,地区市场化进程对现金股利分配倾向的影响会降低,即相较之政治关联的IPO公司,外部治理的影响在非政治关联的IPO公司的影响力度会更大。同时,与配对公司的检验结果相比,还发现公司特征会显著地影响非IPO公司的现金股利分配倾向,却并不会对IPO公司的现金股利政策产生实质性影响。

Based on the perspective of marketization, this paper, using the 948 samples of IPO companies during 2003-2013, empirically tests the cause of IPO＇s favor of cash dividend while con- sidering the media function of political association. The research found that in the higher marketiza- tion process region, the IPO companies＇ cash dividend distribution tendency is higher. The IPO companies of political association also favor cash dividend distribution. And considering the political association＇s media role, in IPO companies of political association, regional marketization＇s influ- ence will reduce, which means that compared with IPO companies of political association, regional marketization＇s influence will increase in ordinary companies of political association. At the same time, compared with matching company, company characteristics will significantly affect the ordi- nary companies＇ cash dividend distribution tendency while not bringing any substantial impact on the IPO companies; cash dividend policies.