商业信用对现金股利分配的影响——基于2010—2014年A股上市公司的经验证据

The Affection of Trade Credit to Cash Dividend Distribution——Based on the empirical evidence of A stock listed companies in 2010—2014

以2010—2014年的上市公司为样本,在控制盈利能力、股权性质、股权集中度、股权制衡和企业规模等公司特征变量的情况下,研究商业信用与现金股利分配之间的关系.实证结果表明:非国有企业商业信用随企业成长性的提升而增加,其债务治理功能使经理层面临短期偿债压力而在一定程度上减少现金股利的发放;超过一定额度后,商业信用的增加导致企业自由现金流大量累积,管理层迫于控股股东要求自身利益最大化的压力,增大现金股利的发放力度,由此形成商业信用与现金股利分配的U型关系.文章从内外部公司治理视角研究商业信用对现金股利分配的影响,对公司治理文献的丰富、我国资本市场的完善和国企改革的进一步深化有一定借鉴意义.

This paper takes the listed companies in 2010—2014 as the sample. Considering the control of profitability,the nature of equity,equity concentration,power balance of shareholder structure,size and other characteristics of the company＇s characteristics,the relationship between trade credit and cash dividend distribution is studied. The empirical results show that： The non state owned enterprises＇ trade credit increases with the promotion of the enterprise＇s growth,and the debt management function enables the managers to face the short-term debt paying pressure,then reduce the cash dividend payment to a certain extent; in excess of the quota,the increase of trade credit leads to a large amount of free cash flow in enterprises. Under the pressure of controlling shareholders to maximize their own interests,the management will increase the cash dividend payment. Thus,forming the U type relationship between commercial credit and cash dividend distribution. This paper studies the influence of trade credit on cash dividend distribution from the perspective of internal and external corporate governance,which has a certain reference significance to the literature of corporate governance,the improvement of China＇s capital market and the further deepening of the reform of state-owned enterprises.