现金股利与资本结构动态调整

Cash Dividend and Dynamic Capital Structure Adjustment

立足于我国上市公司股权集中的特点,本文探讨了上市公司在不同股权集中度下的现金股利支付与资本结构动态调整。我们分析了现金股利影响公司资本结构调整的作用机理,并在此基础上构建资本结构局部调整模型,分别考察股权集中度较高公司与股权集中度较低公司的股利支付对其资本结构调整速度的影响。实证检验结果表明,现金股利的发放会显著降低股权集中度较高公司的资本结构调整速度,这在一定程度上支持了现金股利利益侵占说。进一步地,我们发现在股权集中度较低的公司中,现金股利支付能够有效降低权益资本成本,从而加快资本结构向下调整的速度。本文研究不仅有助于理解我国上市公司控股股东行为特征,更为推动上市公司股利支付与资本结构动态调整的良性互动提供了理论基础。

This paper investigates the relationship between dividend policy and capital structure adjustment for Chinese listed companies in recent decade. We study how cash dividend affects capital structure adjustment, and then develop a partial adjustment model to examine the influence of dividend policy on the capital structure adjustment speed for companies with different ownership concentration.Empirical results show that in companies with higher ownership concentration, the issuing of cash dividend may reduce capital structure adjustment speed because of the increasing of agency cost, which can support the expropriation hypothesis to some degree. Moreover, in companies with lower ownership concentration, the issuing of cash dividend can effectively reduce the cost of equity so as to accelerate their downward capital structure adjustment. These findings help to understand the characteristics of the controlling shareholder, and also shed light on how to strengthen the interaction between cash dividend policy and capital structure adjustment in Chinese listed companies.