监管环境、公允价值计量与现金股利——来自中国上市公司数据的经验证据

Regulation Environment, Fair Value Measurement and Cash Dividends: Empirical Evidences from the Data of China's Listed Companies

选取2007-2013年我国A股上市公司面板数据作为样本,从行业监管、境外上市和分红政策三个维度,分析了监管环境对公允价值计量与现金股利关系的影响。本文的发现与西方研究结论截然不同,上市公司向上的公允价值损益调整与现金股利显著正相关;境外较完善的监管制度和较高的监管水平有效遏制了在境外融资的中国上市公司利用公允价值损益调整进行分红;201 2年以来实施的一系列"分红新政"成效显著;由于受到更为严格的监管,金融保险行业公允价值计量引起的未实现损益被用于股利分配受到了限制。公允价值计量的可靠性需要技术和制度的双重机制来保障。除了迫切需要为公允价值计量的运用和推广提供应用指南外,还应该加强对公允价值计量的监管,有必要针对特殊行业完善公允价值计量规范。

By selecting the panel data of China＇s A-share listed companies from 2007 to 2013 as the samples, this paper analyzes the impact of regulation environment on the relationship between fair value measurement and cash dividends from the three dimensions of industry regulation, overseas list- ing and dividend policy. The results of this study are entirely different from the conclusions of the western researches in the following points： there is a significantly positive relationship between the upward fair value adjustment of the listed companies and the cash dividends; the rather perfect regu- lation system and the higher level of supervision outside can effectively prevent Chinese listed compa- nies financing overseas from sharing out dividends by taking advantage of fair value adjustment; a se- ries of new dividend policies carried out since 2012 have significant effects; and the unrealized gains or losses arising from the fair value measurement of financial and insurance industries are limited to be used as dividend distribution due to more strict regulation. The reliability of fair value measure- ment should be guaranteed by the dual mechanism of technology and system. In addition to providing application guidelines for the use and popularization of fair value measurement urgently, we should al- so strengthen the supervision of the fair value measurement. It is necessary to perfect the specifica- tions for the fair value measurement for the special industries.